P&C portfolio grows by 13.6% at SCOR due to January reinsurance renewals

P&C portfolio grows by 13.6% at SCOR due to January reinsurance renewals

P&C portfolio grows by 13.6% at SCOR due to January reinsurance renewals

At reinsurance renewals on January 1, 2024, global reinsurer SCOR anticipates a 13.6% growth in projected gross premium income (EGPI) for the P&C business, which is greater than based on the mean forward 2026 strategic plan projections.

According to SCOR, the reinsurer expanded its P&C business across preferred lines in accordance with its Forward 2026 strategic strategy, which was unveiled in September 2023. This resulted in a robust and well-balanced portfolio in the face of ongoing market challenges.

Due to portfolio diversification and increasing exposure to Engineering, Marine, IDI, and International Casualty, the business saw a 13.3% gain in EGPI.

In January, SCOR renews around 62% of its P&C reinsurance premiums, or 41% of its overall P&C premiums.

SCOR has announced a renewal of gross premiums within treaty P&C policies for €2.20 billion, an increase of 0.8% over the January 2023 renewal. Decreasing exposure to US casualty and ongoing careful net cat underwriting were the main drivers of the gain.

On the other hand, in a January 2024 renewal, the company added €1.50 billion to its portfolio of treaty global lines, a 9.4% increase from the previous year.

According to SCOR, it is limiting US casualties by slightly lowering EGPI.

With a 1.5 point increase in the net underwriting ratio (excluding alternative solutions) overall, SCOR exceeded its predicted technical profitability. This gain was primarily due to a +3.1% pricing change, which included +6.6% on non-proportional business.

SCOR effectively expanded its preferred lines, maintained favorable terms and conditions, and increased the profitability of its P&C reinsurance book during the renewal.

Following its withdrawal, SCOR expanded its coverage and enhanced its capability at ongoing expense to enhance security.

In 2024, SCOR anticipates risk-adequate pricing for forthcoming renewables. The year-long expansion of the portfolio will include a robust pipeline of contracts for alternative solutions. Simultaneously, SCOR is creating risk alliances with both new and old partners.

"After a very strong renewal in 2023, marked by the toughest market perceived in the last 20 years, SCOR is looking forward to improving the quality as well as profitability of its P&C portfolio while upholding disciplined pricing and terms," said Jean-Paul Conosante, CEO of P&C at SCOR. keeps becoming better. and the renewal conditions (1.1.2024).

"The 13.6% increase in January this year shows that we are seizing favorable opportunities in this market." I anticipate that cedant demand and reinsurers' ongoing discipline will sustain favorable market conditions for the balance of the year. According to Conocent, SCOR teams are still navigating a challenging market in order to produce value and fulfill the Forward 2026 objective.