SCOR takes measures to counteract threats in the macroeconomic environment

11 September 2012 — Oleg DORONCEANU
scor_120While highlighting the threats coming from the macroeconomic environment, Denis Kessler, CEO, SCOR, is "confident regarding the business development opportunities arising for the French reinsurer from the property/casualty lines".

Among the business lines with the most important growth potential, KESSLER mentioned corporate insurance, as well as reinsuring the big, international, insurance companies or captives etc. He has also mentioned the opportunities offered by the mature, rating sensitive, markets as USA, United Kingdom or Scandinavia, especially considering the recent regaining of the A+ rating by SCOR.

The French reinsurer has recently implemented certain measures aiming to mitigate the possible negative trends born by the harsh macroeconomic environment, such as the collapse of the euro area, increased exchange rate volatility and reduced access to credit. "There is a real possibility that access to credit to be reduced and therefore markets may close at any time", said Denis KESSLER on the occasion of a press conference held in Monte Carlo.

Yet, for the time being, in spite of an increasingly uncertain environment with high market volatility, low yields and economic stagnation, SCOR's operational performance is consistent with the assumptions and objectives of its strategic plan "Strong Momentum V1.1", a three-year plan launched in September 2010. "Since 2005, our annual premium income has increased by an average of EUR 4 million per business day", revealed SCOR's leader.

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