05Jun18

SCOR Live Blog

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SCOR showcases its expertise and innovation at the 2018 General Meeting

During SCOR’s 2018 Annual General Meeting in Paris on April 26, Paul Nunn of SCOR Global P&C spoke about the 2017 Atlantic Hurricane season, while SCOR Global Life’s Brona Magee discussed innovation and strategic partnerships.

The reinsurance industry is all about combining technical expertise and experience with the developments of science. However many tools we use to conduct our activities (models, databases, pricing tools, reserving tools, and so on), we also need personal judgments and human expertise.

 

2017 Atlantic Hurricane Season

In 2017, the estimated total cost of natural catastrophes for the (re)insurance industry was around $130 million, a record level that put a significant strain on the sector. In the space of just a few months there were seventeen named storms, ten of which reached hurricane strength. Six of these developed into major hurricanes, which means they were classified as category 3 or above on the Saffir Simpson scale.

 

Three storms stand out in particular for their heavy damage and insurance losses: Harvey, Irma et Maria.

 

With the next Atlantic Hurricane season due to start in just a few weeks, Paul Nunn, Head of Catastrophe Risk Modelling at SCOR Global P&C, looks at the 2017 season in the video below.

Paul Nunn - 2017 Atlantic Hurricane season

 

Innovation and Partnership

The Life reinsurance market is undergoing a shock of a different kind. The ecosystem is changing, with the traditional vertical value chain – the consumer, the agent, the Life insurance company and the reinsurer – being replaced by new models driven by consumer needs and behavior. Technological innovation is also changing the system with the collection of an increasing amount of data.

In the video below, Brona Magee, Head of Client Solutions at SCOR Global Life, talks about some of the strategic partnerships forged between SCOR and its clients and partners to develop innovative solution bundles that are in step with market developments.

 

Brona Magee - Innovation and Strategic Partnership at SCOR Global Life