“ A capital transfer in competitive markets (Europe, Middle East, Africa) to the United States “, sums Victor Peignet, Scor general manager of Global P & C ( Property & amp; Casualty ) about the renewal campaign of 1 st January 2016 . The French reinsurer, which renewed 68% of premiums in non-life (71% P & C and 29% treated specialties), posted a growth of gross premiums by 2% at constant exchange rates to € 3bn. Price , meanwhile, emerged a slight decrease of around 1%.
maintained profitability through the United States
Scor has managed to maintain a level of technical profitability “ almost stable ” compared to January 2015 despite pricing pressures that continue to weigh on the entire international market, according to the projections of See you in September and Baden-Baden . “ Between mid-November and mid-December, we evaluated the communicating vessels to maintain profitability ” recalls Victor Peignet. Even sacrifice some unprofitable business particularly Europe Middle East and Africa , three markets considered “ very competitive “where premiums were down 2%.
Conversely, the group received “ much stress the United States and good customer responsiveness “, allowing him to rake “ more than a hundred million business euros “, an increase of nearly 25%. A progress equally diverse between the property , casualty and specialties. “ The cat treated ‘nat’ US remain an attractive business segment even if we are not opportunistic ,” says Victor Peignet.
No market reaction after Tianjin
Asia Pacific , Scor evokes “ well ” despite the lack of growth (decline in premiums of 2%) and difficulties observed in the Chinese market . China precisely, the reinsurer estimates that the impact of the catastrophe Tianjin is not yet digested by the market. “ We would have liked a reaction ” concedes Victor Peignet. Only the most affected insurers have reassessed their reinsurance program.
confirmed 2016 Outlook
In the light of these renewals and current exchange rates, Scor Global P & C stated aim for Revenue gross of nearly € 6 billion. At the same time, improving the conditions of his retrocession allows the non-life reinsurer validate his hypothesis of a Net combined ratio close to 94% for the last year of the strategic plan in three years’ Optimal Dynamics . “
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