SCOR estimates the cost of the Harvey, Irma and Maria hurricanes and the Mexico earthquakes at EUR 430 million after retrocession and tax
Based on its own data and modelling tools, SCOR currently estimates that the total private insured market loss for the combined Harvey-Irma-Maria hurricanes and Mexico earthquakes should reach USD 95 billion.
SCOR estimates the cost of these events at EUR 430 million net of retrocession and tax for the third quarter of 2017.
This estimate is based on an analysis of the Group’s exposures, the current assumption of total insured losses, and preliminary information received from certain cedants to date. Given the nature, magnitude and very recent occurrence of these events, and the limited claims information received to date, there remains a material degree of uncertainty regarding this estimate.
As indicated in the press release dated September 26, 2017, at this stage the Group’s solvency position remains strong and in the upper half of the optimal solvency range, the dividend policy remains unchanged and the share buyback program is maintained. SCOR confirms the “Vision in Action” targets, and furthermore the Group does not expect its financial ratings to be affected. Moreover, the likelihood of the Contingent Capital facility being triggered in 2017 is extremely remote.