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Scor reports P&C premium gains

Scor Global has reported a 17% rise in property and casualty (P&C) gross written premium to €1.4 billion ($2.1 billion) for the three months to September 30.

Claims for the third quarter totalled €790 million ($1.2 billion), compared with €739 million ($1.1 billion) in the corresponding period last year.

The low number of natural catastrophes this year helped Scor’s P&C combined operating ratio improve to 90.6% at September 30 from 92.8% a year earlier.

Third-quarter natural catastrophe losses were low, with the French reinsurer recording only a €13 million ($19.8 million) hit from the Chilean earthquake.

Man-made disasters had a bigger impact, with an onshore energy claim of €28 million ($42.6 million) and exposure to the Tianjin port explosions in China at €32 million ($48.7 million).

Scor’s P&C operating result improved to €209 million ($318.5 million) in the quarter from €155 million ($236 million) in the corresponding period last year.