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France’s SCOR Group announced that it has successfully renewed 60 percent of its 2002 portfolio in Asia as of April 1, 2003. Japanese treaties represented 68 percent of business renewed and South Korean treaties 32 percent.
“The April 1, 2003 Asian region renewals registered a rise of 2% (stability in Japan; up 5% in Korea). This trend reflects the combined effect of new writings (+2%), higher premium rates (+5%), and treaty cancellations (-9%),” said the bulletin.
It also stressed that “The treaties renewed provide for better control of exposures per risk, while limiting accumulations, and in particular catastrophe exposures in Japan with a 6% reduction in earthquake accumulations and no change in typhoon accumulations.
“The bulk of the portfolio concerns short-tail risks. Property damage accounts for 97% of the Japanese portfolio and 99% of the Korean portfolio. Non-proportional treaties account for 46% of the total in Japan, in 2003, and for 12% in Korea.”
SCOR’s announcement also indicated that the terms of the Asian renewals largely conformed to the profitability criteria it has adopted as part of its “Back on Track” plan.
The company said it would announce its first quarter results on May 16, following the May 15 annual shareholders meeting.