SCOR estimates net losses of EUR 430 million from recent catastrophes

12 October 2017 — Vlad BOLDIJAR
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".

2261 views