Jean-Paul Conoscente, the Chief Executive Officer (CEO) of property & casualty (P&C) at French reinsurer SCOR, has stated that it’s seemingly that there will likely be stress on pricing disaster programmes for the April 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 nonetheless anticipating optimistic worth motion at this renewal, and which means when it comes to development, we want to develop the portfolio if the phrases and circumstances are enough.
“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 ahead, Conoscente was additionally requested a query with reference to what SCOR’s outlook for demand is for the remainder 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 stated.
In associated information, SCOR noticed an increase in estimated gross premium revenue (EGPI) of 13.6% for P&C business on the January 1st, 2024, reinsurance renewals, above the common Forward 2026 strategic plan assumptions.
The French reinsurer acknowledged that according to its Forward 2026 strategic plan introduced in September 2023, the corporate grew its P&C business in most popular traces whereas building a balanced and resilient portfolio, in a continued arduous market.
