The Paris-based reinsurer SCOR reported a 10 percent increase in worldwide premium revenues from the Jan. 1 renewal season.
The carrier said the market environment has been marked by "satisfactory conditions of cover and pricing."
SCOR's 10 percent rise is generally in line with other reports for the renewal season that indicated a slight softening in casualty line with increases of up to 20 percent in catastrophe covers.
The carrier noticed the following trends:
o Cedent retention levels of risk are rising, notably due to the pressure of budgetary constraints.
o Primary companies are moving toward nonproportional cover.
o Purchase of cover is being centralized within companies.
"These structural trends have primarily reduced the volume of reinsurance premiums on the market, made the reinsurance market more competitive, and favored those reinsurers paying most attention to the specific needs of cedents," the company said in a statement.
With those conditions in mind, SCOR said it has not renewed certain treaties, representing a total of around 3-to-4 percent of renewable premium volume, "because these treaties did not meet underwriting conditions or did not correspond to the level of profitability set out in the annual underwriting plan."
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