Non-Life reinsurance treaties in Japan and Korea were up for renewal on 1 April 2006. These treaties represent around 75% of SCOR’s portfolio in the Asia-Pacific zone.
In Japan, written premiums reached Yen 7 billion, up 6% compared to 2005 (EUR 49 million at the present exchange rate). At current exchange rates, written premiums are up by 7%. “Wind” risk pricing in Japan is up by 5 to 10% depending on programmes. SCOR’s market share is increasing regularly on this market, benefiting from the in-depth, long-term relationships it has with its Japanese clients.
In Korea, written premiums reached WON 30 million, up 4% (EUR 26 million at the present exchange rate). At current exchange rates, written premiums are up by 22%. In a context of low loss experience, rates have decreased slightly.
In India, written premiums reached INR 986 million, up 81% (EUR 18 million at the present exchange rate). At current exchange rates, written premiums are up by 113%. SCOR opened a representative office in 2005 in Mumbai and is continuing to expand on this rapidly growing market. Rates are on the increase in India and SCOR has taken positions with expanding private sector insurance clients.
By way of a reminder, on South East Asia treaties, which were up for renewal on 1 January 2006 (representing around 25% of the zone’s portfolio), and particularly in Malaysia, China and Singapore, SCOR recorded an increase of 54% in gross written premiums, which amounted to USD 37 million (EUR 31 million at the 1/1/2006 exchange rate). (cf. press release n°4 dated 28 February 2006). At current exchange rates, premiums written on 1 January 2006 on these markets were up by 74%.
Overall, written premiums for Non-Life treaties in the Asia-Pacific / India zone has reached EUR 124 million in 2006, up 23% compared to 2005.
The Asia-Pacific zone represents a strategic development zone for the SCOR group and the Non-Life reinsurance treaty renewals on both 1 January and 1 April 2006 demonstrate the expansion of SCOR’s client base across all of these markets, in line with the Group’s strategy.
At the same time, SCOR has recorded growth in its activities in Large Corporate Accounts and Life reinsurance in Asia.