At the same time, in terms of premiums, overall, the reinsurer posted an 8.3% increase in in H1 2022 GWP to EUR 9.68 billion, with an 20.9% growth in property and casualty (P&C) and a 1.8% decline in L&H segment.
"In the first half of 2022, the global macroeconomic environment strongly deteriorated, as tensions driven by the war in Ukraine and the related sanctions grew regarding the supply of natural resources. Many countries are now experiencing levels of inflation that had not been observed in decades. In H1 2022, the impact of climate change also continued to be felt. The second quarter was marked by heavy floods in South Africa and storms in France, which followed a first quarter that had already been impacted by severe floods in Australia and one of the worst droughts experienced in Brazilian history. In the first half of 2022, the Covid-19 pandemic also continued".
The reinsurer pointed out that the worst drought in Brazil in 91 years and resulted in a USD 9.2 billion economic loss with a EUR -193 million impact on SCOR's technical result, of which EUR -35 million was incurred in the first quarter.
At the same time, the total cost of Covid-19 claims amounted to EUR 254 million, of which EUR 195 million had been incurred in the first quarter.
SCOR was also impacted by the materialization of latent claims related to sexual molestation from the 1980s in the U.S. while the provision related to potential claims consequent to the war in Ukraine which was booked in the first quarter of 2022 is unchanged.
Finally, the results of SCOR are significantly impacted by two non-operating items: EUR -45 million tax charges provisioned following negative taxable results in certain jurisdictions and the EUR -30 million pre-tax impact related to the option on own shares granted to SCOR valued at fair value through income.