SCOR Scores Success with Asian Treaty Renewals

French reinsurer SCOR Group reported premium gains in its Asia-Pacific zone following treaty renewals at the beginning of April.

Written premiums In Japan exceeded 7 billion yen ($59.3 million) up 6 percent compared to 2005. SCOR noted: “Wind risk pricing in Japan is up by 5 to 10 percent depending on programs. SCOR’s market share is increasing regularly on this market, benefiting from the in-depth, long-term relationships it has with its Japanese clients.” Korea showed a 4 percent gain. Reinsurance treaties in the two countries represent around 75 percent of SCOR’s portfolio in the Asia-Pacific zone.

In India SCOR said its written premiums reached INR 986 million, up 81 percent (€18 million – $22 million) at the present exchange rate). At current exchange rates, written premiums are up by 113 percent. SCOR opened a representative office in 2005 in Mumbai and is continuing to expand on this rapidly growing market. Rates are on the increase in India and SCOR has taken positions with expanding private sector insurance clients.”

The bulletin also noted: “South East Asia treaties, which were up for renewal on 1 January 2006 (representing around 25 percent of the zone’s portfolio), and particularly in Malaysia, China and Singapore, SCOR recorded an increase of 54 percent in gross written premiums, which amounted to $37 million (EUR 31 million at the 1/1/2006 exchange rate). At current exchange rates, premiums written on 1 January 2006 on these markets were up by 74 percent. Overall, written premiums for Non-Life treaties in the Asia-Pacific / India zone has reached EUR 124 million [$151 million] in 2006, up 23 percent compared to 2005.”

Topics Japan