"In the aftermath of the events in 2018, Cat reinsurance treaties responded rationally. In Japan, rates on Cat programs, which represent close to 10% of SCOR Global P&C's renewable portfolio in April, are up by nearly 15%. Building on its longstanding commitment to serving its key clients in Asia-Pacific, SCOR Global P&C is profitably growing within its risk appetite while carefully managing the exposure of its portfolio".
Thus, the French reinsurer mentioned that in line with the priorities set out in the strategic plan "Vision in Action", US business provides an important contribution to April 2019 renewals. SCOR Global P&C sees significant growth in both Non-Cat property and casualty lines, while Cat premium remains stable as the US 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.
In addition, given the weighted impact of other markets where prices remain flat to slightly down (e.g., India, Republic of Korea, Latin America, Europe, and the Middle East), risk-adjusted pricing is up by 1.6% overall.
"The April renewals reaffirm the positive trends observed in January. To date, SCOR Global P&C has renewed approximately 75% of its portfolio and is well on track to achieve growth in line with the upper range of the 5%-8% "Vision in Action" strategic plan assumptions".