Magazine date:
Feb 2009 European insurance has not been spared by the financial crisis. The market capitalization of Europe's biggest insurers sustained a serious setback in 2008. The index of DJ Stoxx Insurance collapsed by 46.67% in 2008 versus an 11.9% decrease in 2007.
In 2008, Allianz, the continent's number one, saw half of its stock value vanish in the air, that is, a loss of 49.31% while the second European insurer, Axa crashed by 42.15%.
However, Munich Re has been relatively immune from the crisis since the German reinsurer has lost only 16.50% of its stock market value.
With a 6.49% loss, SCOR has managed to mitigate the damages displaying a better financial soundness than its competitors.