Jean-Paul Conoscente, the Chief Executive Officer (CEO) of property & casualty (P&C) at French reinsurer SCOR, has said that it is likely that there will be pressure on pricing catastrophe programmes for the April renewals.
Speaking during a conference call earlier today, Conoscente explained that SCOR is expecting to see positive price movement at the upcoming renewals.
“April is a market dominated by Japan plus a few other markets. There has been very low loss activity in Japan in 2023, so I think there will be pressure on pricing for cat programmes.”
Adding: “We are still expecting positive price movement at this renewal, and that means in terms of growth, we are looking to grow the portfolio if the terms and conditions are adequate.
“I’m not sure it’s going to be exactly of the same order, but we would expect our portfolio to continue to grow at the April renewal.”
Moving forward, Conoscente was also asked a question in regards to what SCOR’s outlook for demand is for the rest of 2024.
“We see a lot of clients throughout all markets buying more capacity than last year, given the better visibility on the price environment. We see demand in the single digits in most major markets,” he said.
In related news, SCOR saw a rise in estimated gross premium income (EGPI) of 13.6% for P&C business at the January 1st, 2024, reinsurance renewals, above the average Forward 2026 strategic plan assumptions.
The French reinsurer stated that in line with its Forward 2026 strategic plan announced in September 2023, the company grew its P&C business in preferred lines while building a balanced and resilient portfolio, in a continued hard market.
