SCOR: third quarter 2017 results impacted by hurricanes
The exceptional series of large-scale natural disasters that hit the southeastern United States in September 2017 have affected SCOR's quarterly results.
The French reinsurer recorded a net loss of 267 million EUR (315.1 million USD) in the third quarter of 2017, compared to a net profit of 163 million EUR (182.9 million USD) a year earlier.
Turnover, nevertheless, posted a growth of 3.4% from 3.48 billion EUR (3.9 billion USD) at the end of September 2016 to 3.6 billion EUR (4.25 million USD) a year later.
Scor Global Life generated 2.1 billion EUR (2.48 billion USD) in premiums against 1.5 billion EUR (1.77 billion USD) for Scor Global P & C . The non life combined ratio dropped by 45.3 points from 91.4% to 136.7%.
Scor is not the only major reinsurer to report losses in the third quarter of 2017. Its German counterpart Munich Re posted a loss of 1.4 billion EUR (1.65 billion USD) because of the damage caused by these calamities.
Swiss Re also expects to close a an unprofitable third quarter. The losses caused by the three hurricanes and the earthquake in Mexico amounted to 3 billion EUR (3.6 billion USD) after retrocession and before taxes. Same thing for Hannover Re.
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