French reinsurer Scor has forecast a 30% increase in premium income from its property & casualty division to about €2.3bn (£1.4bn) in 2002.
The company, which recorded P&C premium income of €1.9bn in 2002, said almost 75% of its portfolio was renewed on 1 January 2002, including 95% of contracts in Europe, 50% in the US and 35% in the Asia-Pacific region.
It added that specialty reinsurance premium income reached €1.5bn (£915m) last year, and was expected to show significant growth this year. Price increases for Large Corporate Accounts were expected to reach approximately 70%, it said.
The reinsurer, the largest in France, said its underwriting strategy for the year would maintain a balanced portfolio mix by division and geographic region, to reflect global demand.
Scor is to present a review of 2002 renewals today, to look at trends in supply and demand, improvements in underwriting terms and conditions, and increases in risk pricing.
