SCOR Global P&C has reported a 6.6% overall increase in pricing at the April 1 renewals, which saw the reinsurer restructure some of its catastrophe business in Japan.
The company grew gross premiums up for renewal by 5.7% at constant exchange rates to €504 million, and generated a 5.4% growth in Japan.
In Japan, SCOR Global P&C said that it had secured price increases and profitable cessions, while partially redeploying its capacity from lower to higher layers following two years characterised by major cat impacts.
“The Japanese market demonstrated its long-term approach to reinsurance buying, and commitment to balanced partnerships with their reinsurers, enabling a significant payback of the 2018 and 2019 Cat losses,” SCOR reported.
Meanwhile, in India, SCOR Global P&C also grew its portfolio and benefitted from local market conditions which started to improve in 2019, resulting in a premium increase of around 30%.
And in the US, the reinsurer continued in the approach it took at the January renewals, with a special focus on profitability improvements thanks to price adjustments.
This led to a slight premium decrease as SCOR Global P&C did not renew or decrease its shares on treaties which did not meet its profitability targets.
In Specialty Insurance, SCOR noted that the continuation of market correction is materializing across most lines of business and geographies with rates trending significantly upwards.
“During the April 1, 2020, renewals, SCOR Global P&C continues to demonstrate discipline in its underwriting approach, with a focus on both rate adequacy and prudent management of our exposures,” said Jean-Paul Conoscente, CEO of SCOR Global P&C.
“We achieved very positive results overall, recording strong growth in markets and segments where rates and Terms & Conditions were in line with our targets, and foregoing incremental business opportunities where we felt conditions for profitable growth were not met,” Conoscente continued.
“Japan is a good illustration of our strategic approach: we managed to achieve a 5.4% growth in this market, as the evolution in Property Cat premium linked to the remodeling of our portfolio with reduced exposure to lower frequency events was more than compensated through growth in other lines of business.”