January 2024 P&C Renewal Results

Growing preferred lines of business in attractive market conditions

P&C Renewals 2024
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  • In line with its Forward 2026 strategic plan announced in September 2023, SCOR grows its P&C business in preferred lines while building a balanced and resilient portfolio, in a continued hard market.
  • During the January 2024 P&C renewals, SCOR achieves EGPI1 growth of 13.6%2, above the average Forward 2026 strategic plan assumptions:
    • Increasing EGPI by 13.3%2 for Engineering, Marine, IDI and International Casualty and enhancing portfolio diversification;
    • Accelerating the development of Alternative Solutions (more than doubling EGPI2) from strong new business, meeting client demand for customized solutions;
    • Maintaining a prudent approach to business exposed to climate change while meeting the increased Property Cat capacity needs of clients;
    • Keeping a limited appetite for US Casualty with slightly decreasing EGPI.
       
  • Overall, SCOR further enhances its expected technical profitability with an improvement of 1.5 points on the net underwriting ratio (excluding Alternative Solutions), driven by a +3.1% price change, including +6.6% on non-proportional business.

 

Jean-Paul Conoscente, CEO for P&C at SCOR, comments: “Following very strong renewals throughout 2023 marked by the hardest market seen in the last 20 years, SCOR continues to improve the quality and profitability of its P&C portfolio, maintaining disciplined pricing and terms & conditions for the 1.1.2024 renewals. In this favorable market, we are seizing attractive opportunities, as illustrated by the 13.6% growth delivered this January. I expect the attractive market conditions to continue over the remainder of the year, fuelled by the demand from cedants and continued discipline by reinsurers. SCOR’s teams continue to lean into the hard market to generate value and successfully deliver on the Forward 2026 plan.”  

 


 

Footnotes: 

1 Estimated Gross Premium Income (EGPI).

2 vs 1 January 2023 EGPI. Excludes one large structured transaction.

 

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