SCOR CEO sees double-digit reinsurance rate rises

The logo of reinsurance company Scor is seen at its Paris headquarters, in Paris, France

Reinsurance rates are likely to rise in the double-digit percentage point range at key Jan 1 renewals, Denis Kessler, chairman and chief executive of the French reinsurer SCOR, said on Wednesday.

SCOR, one of the world’s largest reinsurers, has faced large claims from the pandemic as well losses from hurricanes in the United States.

Kessler told the Reuters Events Future of Insurance Europe conference that the cost of the pandemic was mostly already accounted for in the reinsurer’s previously published loss estimates. If there was a third wave the company would revise its assumptions, he added.

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