SCOR Global P&C grew its gross written premiums by 9.6 percent, at constant exchange rates, to €548 million ($616 million), during the April 1 reinsurance renewals.
In the aftermath of the events in 2018, catastrophe reinsurance treaties “responded rationally” during the April renewals, which reaffirmed the positive trends seen in January, according to SCOR.
At the same time, SCOR noted, it continued to benefit from broadly improving market conditions.
To date in 2019, SCOR Global P&C has renewed approximately 75 percent of its portfolio and is well on track to achieve growth in line with the upper range of its strategic plan assumptions of 5 percent-8 percent, said SCOR in a statement.
“The April renewals, which are very much driven by Asia-Pacific, continue the strong start delivered by SCOR Global P&C in January 2019,” commented Jean-Paul Conoscente, CEO of SCOR Global P&C. “The cat market is disciplined in this region, given the weight of the events of 2018.”
SCOR then dove into its April renewals by discussing the following regional rating trends:
- Japan. Rates on cat programs in Japan, which represented close to 10 percent of SCOR Global P&C’s renewable portfolio in April, were up nearly 15 percent.
- United States. In the U.S., SCOR Global P&C saw significant growth in both non-cat property and casualty lines. At the same time, cat premium remained stable as the U.S. reinsurance programs most affected by the events of 2018 renew in June and July. Market conditions are progressively improving. These renewals prove the relevance of SCOR Global P&C’s client-focused strategy in the US.
- Other markets. Given the weighted impact of other markets where prices remained flat to slightly down (e.g., India, Republic of Korea, Latin America, Europe, and the Middle East), risk-adjusted pricing was up by 1.6 percent overall.
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