During the April reinsurance renewals, SCOR Global P&C said it grew gross premiums by 5.7% to €504 million, while benefiting from broadly improving market conditions as shown by a 6.6% overall increase in pricing.
Asia-Pacific represents 57% of SCOR’s portfolio up for renewal at April 1, 2020, with Japan and India renewing.
In Japan, SCOR Global P&C generated 5.4% growth, achieving its objective to secure price increases and incremental profitable cessions, while partially redeploying its capacity from lower to higher layers following two years of major natural catastrophes. The Japanese market demonstrated its long-term approach to reinsurance buying and partnerships by enabling a significant payback of the 2018 and 2019 cat losses, said SCOR.
In India, SCOR said it leveraged its local infrastructure to grow its portfolio and benefit from local market conditions which started to improve in 2019, resulting in approximately a 30% premium increase.
In the United States, SCOR Global P&C said it followed a very disciplined underwriting approach, with a special focus on profit improvements via price adjustments. This approach led to a slight premium decrease as SCOR Global P&C did not renew or decreased its shares on treaties which did not meet profitability targets, said the reinsurer.
“During the April 1, 2020, renewals, SCOR Global P&C continues to demonstrate discipline in its underwriting approach, with a focus on both rate adequacy and prudent management of our exposures,” commented Jean-Paul Conoscente, CEO of SCOR Global P&C, in a statement.
“We achieved very positive results overall, recording strong growth in markets and segments where rates and terms and conditions were in line with our targets, and foregoing incremental business opportunities where we felt conditions for profitable growth were not met,” he added.
“Japan is a good illustration of our strategic approach: we managed to achieve a 5.4% growth in this market, as the evolution in property cat premium linked to the remodeling of our portfolio with reduced exposure to lower frequency events was more than compensated through growth in other lines of business,” Conoscente said.
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