SCOR anticipates heavy losses from Ukraine war

French reinsurer SCOR has said it expects heavy losses – running to double digit millions – from the ongoing war between Russia and Ukraine. It said its Russian subsidiary SCOR PO had stopped underwriting business while the group expected significant losses in lines including political risks, credit and surety, and aviation.

SCOR will publish its results for Q1 2022 on 6th May. In a statement, it said: “SCOR expects a Q1 2022 charge in the high double-digit EUR million range for potential claims related to the conflict across both treaty reinsurance and specialty insurance. As the conflict continues, this estimate will evolve.

“In Q1 2022, the estimated cost of this conflict is combined with a series of natural catastrophes (including floods in Australia, European windstorms and a drought in Brazil) and the continuation of the pandemic in the United States. These developments will have an adverse impact on SCOR P/C’s combined ratio and on SCOR L&H’s technical margin and are expected to result in a quarterly loss.”

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