Scor braces for €430m nat cat bill in Q3

storm-warning

Scor estimates the cost of the Harvey, Irma, and Maria hurricanes and the Mexico earthquakes at €430m.

Based on its own data and modelling tools, Scor currently estimates that the total private insured market loss for the combined Harvey, Irma, and Maria hurricanes and Mexico earthquakes should reach $95bn.

The reinsurance giant anticipates to take a financial hit in the region of €430m, net of retrocession and tax for the third quarter of 2017.

This estimate is based on an analysis of the group’s exposures, the current assumption of total insured losses, and preliminary information received from certain cedants to date.

Scor said that given the nature, magnitude and very recent occurrence of these events, and the limited claims information received to date, there remains a degree of uncertainty regarding this estimate.

The group’s solvency position remains strong and in the upper half of the optimal solvency range, the dividend policy remains unchanged and the share buyback program is maintained, the reinsurer said.

Financial ratings are unlikely to be affected and the likelihood of the Contingent Capital facility being triggered in 2017 is “extremely remote”, Scor added.

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