According to the report, P/C industry revenue declined slightly to $560.7 billion, driven by a significant drop of 18.8% in net investment income. Expenses grew by 4.1% in 2020, far exceeding a modest increase in premium revenue; the catastrophe losses and a sizable increase in policyholder dividends also more than countered the increase in premium revenue.

SCOR grew its gross premiums up for renewal by 14.3%2 at constant exchange rates to EUR 600 million, with a 4.3% overall increase in pricing.

The bulk of the portfolio renewed on April 1 (64%) is in the Asia-Pacific region, of which Japan and India are the most significant markets (each accounting for approximately 28-29% of total premiums up for renewal):

The decision to hold the ship could impact its cargo, said Jai Sharma, a lawyer at Clyde & Co. “I anticipate that there will be companies that are going to air freight cargo replacements,” he said.

James Kent, Global CEO, Willis Re, said: “Such a solid development of the global reinsurance industry’s capital base would hardly have been expected earlier last year, as the COVID-19 pandemic was gathering pace.  Willis Re’s analysis provides clear evidence of the strength and resilience of reinsurance market capacity.  Reinsurers and insurers alike must contend with the challenges of low interest rates.  But, looking through the turbulence of COVID-19 and nat cat claims, and a declining reliance on reserve releases, there is a clear improving trend in underwriting profitability.”

“Idie’s appointment reinforces our commitment to the A&H space across the region, where we see tremendous opportunities to further serve our brokers and customers.”