The end-September 2022 NatCat claims includes EUR 279 million claims in Q3 related to Hurricane Ian, while the cost of convective storms and hailstorms in France in June increases to EUR 166 million (EUR 113 million on top of the cost booked in Q2 2022). SCOR representatives mentioned that man-made claims activity has been increasing as well in Q3 2022.
Gross written premiums stand at EUR 14.83 billion in the first nine months of 2022, up 6.2% at constant exchange rates compared with the first nine months of 2021.
SCOR P&C (Property and Casualty) gross written premiums are up 15.8% while SCOR L&H (Life and Health) gross written premiums declined by 2.0%.
The net combined ratio stands at 111.0%, including a 15.9% Nat Cat ratio. On top of this, SCOR P&C strengthens its reserves by EUR 485 million, equivalent to 8.5% of the net earned premium for the first nine months of 2022, implying a total combined ratio of 119.5% for the first nine months 2022.
At the same time, SCOR L&H delivers a technical result of EUR 863 million, benefitting from a release of excess prudent margin in L&H reserves (delivering most notably EUR 460m above an 8.3% normalized level of technical margin for the sole third quarter). Following the release of excess margin, L&H reserves are adequate.
In terms of investments, the French reinsurer posted a return on invested assets of 1.9% at the end of September 2022 and investment income of EUR 305 million.