Latest from SCOR;
- As announced during its Investor Day on November 9, 2022, SCOR pursues a clear objective at the January 1, 2023 renewals: to improve the expected technical profitability and improve the risk-return profile of its P&C portfolio, taking full advantage of the current favorable market conditions.
- To achieve this objective, SCOR has particularly focused on optimizing the capital allocation by line and by client, and on optimizing the portfolio mix, in terms of both risk diversification and the resilience of the technical results.
- The implementation of these principles has led SCOR, during the January 1, 2023 renewals, to:
- continue to grow Global Lines (+11% of EGPI1 excluding Agriculture);
- strengthen profitable relationships with its long-term clients;
- reduce exposure to natural catastrophe risks (-14% reduction of 1-in-250-year net Cat PML);
- finally, to reshape its portfolio by reducing the lines most sensitive to economic and social inflation (particularly -24% of EGPI for Casualty and Motor lines).
The combination of these four actions has resulted in an overall reduction of EGPI of -12% for renewed reinsurance business.
- SCOR achieves its objective and significantly improves the expected technical profitability and risk-return profile of its P&C portfolio at the January 1, 2023 renewals. These actions should result in an improvement in the expected net underwriting ratio of around 2.5 to 3 points, stemming from an overall rate increase of 9% across the portfolio.
- SCOR is confident that the current P&C cycle will continue. The Group is actively preparing the upcoming April, June and July 2023 renewals in a positive market environment.
Be the first to comment