SCOR records excellent half-year Non-Life treaty renewals
P&C and Specialty treaty renewals at end of June have resulted in premium growth of 19% at constant exchange rates, whilst fully respecting the technical underwriting profitability criteria.
- The geographic rebalancing of P&C treaties towards the Americas and Asia-Pacific continues, with an increase in premiums underwritten in the USA in the regional business segment excluding natural catastrophes segment (+67%), in Australia (+32%), in Latin America (+12%, excluding Caribbean), in South Africa (+28%) and in the Middle East (+22%). The underwriting policy focusing on short-tail risks is continued.
- Specialty treaties have also experienced volume growth of 15%, thanks to share increases in sectors which benefit from favourable price conditions, such as credit & surety (+62%) and transport & energy (+46%), or those with stable conditions such as construction (+12%).
- Renewal conditions follow cycles which are fragmented by sector and market, and reinsurance prices remain disciplined despite certain over-capacities; this results in significant increases in sectors and markets affected by losses and limited reductions elsewhere, although to a greater extent in US natural catastrophe business in which financial market competition plays a part. In this context, SCOR has seen a weighted average price increase on its renewed business of nearly 1%, illustrating the dynamic management of the portfolio and contributing to the continued improvement of the expected technical profitability.
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