SCOR Global P&C, the property and casualty arm of Paris-based reinsurer SCOR S.E., said that its premium volume increased by 8.5% at the recent April 1 renewals.
SCOR said that for property and casualty treaties, gross premiums written increased by about 3% to €236 million ($326.5 million), while for specialty treaties gross premiums written increased by 23% to €109 million ($150.8 million).
SCOR Global P&C said Wednesday that, overall, rates declined by about 2.7% at the April 1 renewal.
Proportional reinsurance rates increased by 0.3% on average, the reinsurer said, while non-proportional business saw rates fall by 8.3% overall, largely driven by falls in rates for property catastrophe business, SCOR said in a statement.
About 72% of the premiums that renewed in April were related to proportional business, SCOR said, “which benefits from sound and generally improving primary insurance trends.”
Premiums up for renewal at April 1 represent about 10% of the total annual volume of treaty premiums, according to SCOR, and India, Japan and the United States are the main countries where business renews in April.
In the statement, Victor Peignet, CEO of SCOR Global P&C, said the company continues to expect a net combined ratio of about 93% or 94%.