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Reinsurance pricing increased 2.8% at January renewals, while specialty insurance saw rate increases averaging approximately 15% for 2019, Scor Global P&C said in a statement Thursday.
January 2020 property/casualty renewals showed “accelerating” rate increases on commercial insurance and gradual rate increases on reinsurance, the statement said.
Scor said the market is expected to stay firm at April, June and July renewals, “with the possibility of further hardening as loss-affected contracts come up for renewal,” the statement said.
“Given that the January 2020 renewals are focused on EMEA with benign loss experience, we expect more pronounced favorable market conditions through the spring/summer 2020 renewals,” Jean-Paul Conoscente, CEO of Scor Global P&C, said in the statement.
Gross written premiums growth increased 15.8% to EUR 7.1 billion for Scor Global P&C in 2019, the statement said.
Scor saw growth in both reinsurance, up 16.2%, and specialty insurance, up 14.4%.
The cost of natural catastrophes in the fourth quarter was EUR 343 million after retrocession and before tax, and EUR 665 million after retrocession and before tax for the full year 2019, the statement said.
Premium renewal average rates rose across commercial auto, business owner’s policy, general liability, umbrella and commercial property during fourth quarter 2019 compared with the third quarter, according to the fourth-quarter premium renewal rate index from Ivans Insurance Solutions.