With effect from January 1, 2019, SCOR Europe SE, a 100%-owned subsidiary of SCOR SE, will underwrite all new and renewed business relating to risks located in the EEA that can no longer be accepted by SCOR UK Company Ltd. after the Brexit date. SCOR Europe SE will also take over all commitments from policies previously issued by SCOR UK Company Ltd. if the latter can no longer honor these following Brexit, the terms of which remain uncertain at this stage.

Mohsen Rahnama, Chief Risk Modeling Officer, RMS, said: “Wildfire is now a major catastrophe risk that must be rigorously managed with the best data and model science. With increasing exposure due to properties near wildland areas and ongoing climate variability, insurers, policymakers, and homeowners must adapt to the prospect of more frequent and severe wildfires.”

Non-Damage Business Interruption policies protect companies’ revenues against business interruption costs that result from an event where there is no physical damage. For an increasing number of firms, physical damage is a lesser risk priority than risks related to income streams and cash flows, such as a terrorist threat, a cyber attack, or unseasonal weather. 

Tom Helm, Head of Claims Consulting at Willis Towers Watson, said: “Data and analytics have transformed many areas of the insurance industry, but it has been slower to adapt than other financial services, such as banking and retail. This is changing as the claims process in the insurance market finds itself increasingly under the spotlight, with more insurers recognising claims as an investment opportunity to help gain competitive advantage, market differentiation and increased customer loyalty.”