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Reinsurance an attractive industry with positive perspectives, says SCOR

5th September 2019 - Author: Charlie Wood

Global reinsurer SCOR has underscored its positive outlook for the reinsurance industry, describing it as benefiting from long-term growth drivers and solid foundations.

SCORSCOR this week announced the launch of its new ‘Quantum Leap’ strategy, a two-and-a-half year plan which emphasises the integration of technology, as the company looks to create the “reinsurance company of tomorrow.”

In a statement detailing the new strategy, SCOR described demand for risk as expanding rapidly while the sphere of un-insurable risk is narrowing. This is resulting in a positive shift of the insurability frontier SCOR said.

In particular, emerging risks linked to new technologies are progressively becoming insurable.

SCOR noted that demand for re/insurance cover is itself expanding and aversion to risk is increasing as nations become wealthier and governments push insurers to increase capacity through the reinsurance industry.

Concurrently, the firm highlighted potential benefits from ongoing technological advancements in areas such as big data, artificial intelligence, and automation.

Finally, SCOR believes that the reinsurance industry, and more particularly the diversified global reinsurers, have proved their resilience to the most extreme events over the long term, in terms of both claims shocks and financial crises.

Consequently SCOR says it has strong potential for continued profitable growth and long-term value creation.

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