Scor is estimating the cost of Typhoon Hagibis at €227 million (US$250 million), after retrocession and before tax, assuming a market insured loss of around US$8 billion.
The reinsurer said its retro programme would allow Scor to reduce any further losses should Hagibis’ losses rise further.
Following an upward market loss revision of Typhoon Faxai and the impact of other events during the fourth quarter, Scor estimates the cost of Q4 2019 nat cats at €343 million (US$377 million) after retrocession and before tax, and at €665 million (US$731 million) after retrocession and before tax for the full year.
However, the French firm is still expecting to record a net combined ratio below 100% for full year 2019, including nat cat costs.
At the January 1 2020 renewals, Scor embarked on “portfolio management” in China slashing premiums 27% to €279 million (US$307 million) from €381 million (US$419 million) the previous year; this contributed to Scor cutting its global book by 4.7% which took some analysts by surprise.
Excluding China the Asia Pacific premium book declined 3% to €189 million (US$208 million). Scor said there had been a successful development with selected clients, especially in a developed market.
Jean-Paul Conoscente, chief executive of Scor global P&C, commented: “As the reinsurance market did not fully react to loss perspectives as we had initially anticipated, Scor maintains a disciplined underwriting approach as evidenced during the January 2020 renewals.”
Conoscente added: “Despite plentiful reinsurance capacity, persistently low interest rates and upward expected losses, Scor significantly improves its P&C profitability, while accompanying the growth of its key reinsurance clients.”

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