French reinsurance company SCOR has estimated that its costs from recent hurricanes Harvey, Irma and Maria, as well as the earthquakes in Mexico, will come to EUR 430 million after retrocession and tax.
SCOR had previously said that it believed that despite recent third-quarter 2017 catastrophe losses, it was still on track to meet its “Vision in Action” targets.
Today’s loss estimate confirms that the impact to the company is likely not to steer it too far off course.
SCOR estimates that the combined private insurance market industry loss from recent events will total approximately US $95 billion.
Working from that figure it estimates that its own losses will total EUR 430 million, after it has claimed back what it can from retrocessional reinsurance and after taxes are taken into account.
SCOR said it bases the estimate on its own exposures, its assumption of total insured losses, and preliminary information received from certain ceding companies. However, the reinsurer does note that there “remains a material degree of uncertainty” regarding its estimate, so it could change.
SCOR said that despite these losses its solvency position is still strong and in the upper half of its target range. It also states that its dividend policy will not change and share buybacks will continue.
SCOR says it remains on target to achieve its 2017 profit goals, and believes that the chances of its Contingent Capital facility being triggered in 2017 is extremely remote.
