SCOR posted net loss of EUR 80 million in Q1 2022

9 May 2022 — Andrei Victor
French reinsurer SCOR reported Net loss of EUR 80 million in Q1 2022, compared with EUR 45 million net income in Q1 2021, while the value of gross written premiums of EUR 4.72 billion in Q1 2022, was up by 9.7% compared with Q1 2021.

The reinsurer mentioned its P&C gross written premiums increased by 20.2% after a strong 2022 renewals in Reinsurance and Specialty Insurance, while the net combined ratio stands at 103.7%, including 10.1% of natural catastrophes, above the cat budget of 8%. Life and Health gross written premiums increased by 1.1%.

According to the reinsurer, Russia's invasion of Ukraine, NatCat events and Omicron variant of Covid 19 impacted the global economy in general and the reinsurance industry in particular:

"(...) Russia's invasion of Ukraine has led to global geopolitical instability with wide ranging macroeconomic consequences, from energy prices and inflation to stock market volatility, interest rates and economic growth. The level of natural catastrophes remains very high with windstorms in Europe, floods in Australia and an earthquake in Japan. The industry has also been affected by other extraordinary events such as a severe drought in Brazil. At the same time, the Covid-19 pandemic continues with the spread of the Omicron variant and has led to significant excess mortality, especially in the United States. (...) The combination of these events led to a quarterly net loss of EUR 80 million driven by the EUR 85 million provisioned by SCOR with respect to the conflict in Ukraine".

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