SCOR Achieves Strong Growth in P&C Renewals, Continuing to Build a Balanced and Resilient Portfolio
In line with its Forward 2026 strategic plan, SCOR has successfully grown its property and casualty (P&C) Business during the January 2024 renewals, achieving an estimated 13.6% growth. This growth exceeds the average assumptions set out in the Forward 2026 plan, demonstrating the company’s commitment to expanding its preferred lines of business and building a balanced and resilient portfolio in a hard market.
Key highlights from the January 2024 renewals include:
– Increasing EGPI by 13.3% for Engineering, Marine, IDI and International Casualty, while enhancing portfolio diversification.
– Accelerating the development of Alternative Solutions, doubling EGPI from strong new business to meet client demand for customized solutions.
– Maintaining a prudent approach to business exposed to climate change while meeting the increased Property Cat capacity needs of clients.
– Keeping a limited appetite for US Casualty with slightly decreasing EGPI.
Overall, SCOR has further improved the expected technical profitability of its P&C portfolio, with a 1.5-point improvement in the net underwriting ratio. This improvement is driven by a 3.1% price change, including a 6.6% increase on non-proportional business.
Jean-Paul Conoscente, CEO for P&C at SCOR, commented, “SCOR continues to improve the quality and profitability of its P&C portfolio, maintaining disciplined pricing and terms & conditions for the 1.1.2024 renewals. In this favorable market, we are seizing attractive opportunities, as illustrated by the 13.6% growth delivered this January.”
In addition to strong P&C renewals, SCOR has also seen increasing demand for reinsurance coverage during the January 2024 renewals period. Despite an increasing capital supply compared to last year, SCOR has successfully grown its preferred lines, maintained attractive terms and conditions, and improved the profitability of its P&C reinsurance book.
As a leading global reinsurer, SCOR is committed to offering its clients a diversified and innovative range of reinsurance and insurance solutions to control and manage risk. With a strong performance in the January 2024 P&C renewals, SCOR continues to deliver on its strategic plan and position itself as a leader in the industry.
For more information about SCOR, visit www.scor.com.
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