SCOR Reports Loss Due to Unfavorable Reserving Assumptions

Major European reinsurers report sustained earnings growth in 1H24: Fitch

SCOR has reported a loss in the first half of 2024, attributed to unfavorable changes in its life and health insurance reserving assumptions. This decision to strengthen selected reserves significantly impacted its life and health reinsurance service results, contrasting with the overall positive earnings growth reported by other major reinsurers such as Munich Re and Swiss Re. Despite the challenges, SCOR's property and casualty reinsurance combined ratio averaged 84.2%, meeting its 2024 targets.

SCOR

SCOR is a global reinsurance company providing its clients with a broad range of innovative solutions and services and a solid financial base. The company offers a full spectrum of solutions for property & casualty reinsurance, specialty insurance, life & health insurance, and asset management.

ReMark

ESSOR Seguros S.A.

SCOR Investment Partners

SCOR, one of the world's largest reinsurers, provides its clients with a diversified and innovative range of solutions to control and manage risk. Using its experience and expertise, “The Art & Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – in Life & Health as well as in P&C.

The reinsurance industry is about combining technical expertise and experience with the developments of science. However many tools we use to conduct our activities (models, databases, pricing tools, reserving tools, and so on), we also need expert judgments and human experience to correctly underwrite. This is what we call the art of underwriting. Reinsurance is a knowledge industry. Expertise is an accumulation variable.
 
The most advanced tool will never replace the intuition of a seasoned underwriter facing a complex risk. Because at the end of the day, you have to make a decision, to sign, to underwrite. And what we have underwritten, we cannot overwrite - our word is our bond, as is our signature. This dimension of our business, linked to the art of underwriting, is more important than some observers would have people believe.
 
One way to acquire this art is to share experiences – both good and bad – and to share doubts and questions. Artists always belong to a school, from which they learn their craft. 

Like artists, we have to learn, imitate, mimic, and then innovate, in order to find our own style and create our own distinctive work. 


100Plus

"We have been growing at a pace that we have set ourselves," SCOR CEO Thierry Léger said in a recent interview with The Insurer TV. "As long as we can grow into lines with an adequate profitability that are offering diversification overall, we will definitely grow with a lot of determination."

Thierry goes on to reflect on his first year at the head of the Group, his vision for SCOR under the Forward 2026 strategic plan, and many of the ongoing trends impacting the market.

Find the full interview here: https://bit.ly/3Pus4uW

SCOR recently launched a unique offshore renewable energy consortium, enhancing total deployable capacity to over $180 million USD and contributing to global efforts to provide clean, affordable, and reliable energy. 

In this micro-interview, Oliver Paine, SCOR's Offshore Global Segment Leader, discusses how SCOR is well-placed to provide insurance solutions to the offshore renewable energy industry and support consortium markets with unique offers. 

Learn more here: https://bit.ly/498EzE8

Assessing the risks posed by metal fires can present a challenge for (re)insurers. SCOR’s latest Risk Control Handbook focuses on fire protection systems for metal fires, touching on factors such as:

➡️ How likely different metals are to combust and under which circumstances
➡️ Reactions with other substances
➡️ Appropriate methods for extinguishing them. 

This handbook is intended to help underwriters better understand the risk associated with metal fires and help risk managers and engineers reduce risk exposure and develop tailored risk management strategies.

Find the handbook here: https://bit.ly/42lOaVX

We are happy to announce the latest addition to our Vitae Risk Calculator series: Vitae Lymphoma.
 
At SCOR, we're dedicated to pushing boundaries of insurability for everyone, including those with a history of cancer and other serious medical conditions. With lymphomas comprising nearly half of all blood cancers, our L&H teams saw an opportunity to make a difference.
 
Leveraging cutting-edge data and technology, Vitae Lymphoma has been developed to improve the precision of risk calculation for insurance applicants previously diagnosed with lymphoma. This launch marks another milestone in our commitment to inclusive underwriting practices.
 
Learn more here: https://bit.ly/3TiplGd

SCOR London is excited to announce the launch of The SCOR Actuarial Scholarship, a new initiative aimed at providing opportunities and empowering the next generation of actuarial talent.

At SCOR, we believe in investing in the education and growth of future industry leaders and for more than two decades the SCOR Actuarial Awards have recognized outstanding actuarial research in several countries. Now, SCOR London is investing in actuarial career development at an earlier stage, by providing financial support to eligible, UK-based actuarial undergraduates through a corporate scholarship.

Learn more about eligibility and how to apply – https://bit.ly/47g4uZU – and share this post with anyone who might be interested in applying!

SCOR SE, together with its subsidiaries, provides life and non-life reinsurance products in Europe, the Middle East, Africa, the Americas, Latin America, and Asia Pacific. It operates through two segments, SCOR Global P&C and SCOR Global Life. The SCOR Global P&C segment offers reinsurance products in the areas of property, motors, casualty treaties, credit and surety, decennial insurance, aviation, marine and energy, engineering, agricultural risks, and property catastrophes; specialties insurance products, including business solutions, political and credit risks, cyber, and environmental impairment liability; and business ventures and partnerships. The SCOR Global Life segment provides life reinsurance products, including protection for mortality, morbidity, behavioral risks, disability, long-term care, critical illness, medical, and personal accident. This segment also provides financial solutions that combine traditional life reinsurance with financial components and provide liquidity, balance sheet, solvency, and income improvements to clients; longevity solutions that include products covering the risk of negative deviation from expected results due to the insured or annuitant living longer than assumed in the pricing of insurance covers provided by insurers or pension funds; and distribution solutions. In addition, it is involved in the asset management business. The company was founded in 1970 and is headquartered in Paris, France.

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SCOR

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