SCOR estimates net losses of EUR 430 million from recent catastrophes

French reinsurer SCOR has announced that it expects net losses of EUR 430 million - after retrocession and tax, from recent Harvey-Irma-Maria hurricanes and Mexico earthquakes.

"This estimate is based on an analysis of the Group's exposures, the current assumption of total insured losses, and preliminary information received from certain cedants to date. Given the nature, magnitude and very recent occurrence of these events, and the limited claims information received to date, there remains a material degree of uncertainty regarding this estimate", France headquartered global reinsurer said in a statement

At the same time, SCOR said that its data and modelling tools shows that the private insurance industry lossfor the combined three hurricanes and Mexico earthquakes should reach USD 95 billion.

Despite recent loss events, the reinsurer pointed out it remains on target to achieve its 2017 targets, and believes that the chances of its "Contingent Capital facility being triggered in 2017 is extremely remote": "(...) at this stage the Group's solvency position remains strong and in the upper half of the optimal solvency range, the dividend policy remains unchanged and the share buyback program is maintained. SCOR confirms the "Vision in Action" targets, and furthermore the Group does not expect its financial ratings to be affected".

Related articles

ZURICH expects USD 700 million in Q3 hurricane claims

ZURICH Insurance Group said that it expects to pay out aggregate Q3 claims related to the three major hurricanes impact - Harvey, Irma and Maria, worth of USD 700 million (net of reinsurance and before tax). After tax, the losses are expected to be around USD 620 million.

2017-10-19

A.M. Best downgrades credit ratings of GENERALI Lebensversicherung A.G.

A.M. Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to "a-" from "a" of GENERALI Lebensversicherung A.G. (Germany). Concurrently, A.M. Best has placed these Credit Ratings (ratings) under review with negative implications.

2017-10-12

UNIQA invests EUR 1 million in a Czech start-up

UNIQA Insurance Group invests EUR 1 million into the Czech fintech company TWISTO as part of a EUR 5 million series A investment round with Lead investor ING Group taking EUR 4 million.

2017-10-12

VIG is the new market leader in Bulgaria

Austrian insurer VIG announced that its Bulgarian units BULSTRAD and BULSTRAD Life dominate the local insurance market, a combined market share of 14.5% in Bulgaria and GWP of EUR 84 in 1H2017.

2017-10-12

ON THE MOVE

WTW appoints Neil IRWIN to lead CEEMEA Region

WILLIS TOWERS WATSON (WTW) has appointed Neil IRWIN as the new leader of the Central and Eastern Europe, Middle East, and Africa (CEEMEA) region. He takes up his new position with immediate effect, and will be based in Dubai.

TOP EVENT

The 9th International Istanbul Insurance Conference started today in Istanbul

In emerging markets like Turkey, there can be a significant difference between the insured and total insurable losses. Parametric insurance is a smart way to close this protection gap. While the traditional products cover an insured loss, parametric products provide financial protection for various expenses from financial liabilities to contingent loss of profit which, in return, decreases the economic loss burden following a CAT event.

04.10.2017

61st "Rendez-Vous de Septembre" ends today in Monte Carlo: review

The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers ends today in Monte Carlo. The Nat Cat insurance protection gap, as well as the global insurance market readiness to deal with the increasing complexity of the cyber risks were among the most debated topics.

14.09.2017

See all