PARIS (Reuters) – French reinsurer Scor warned on Friday that its results for the first quarter of 2022 would be impacted by the Russian invasion of Ukraine, with a double-digit charge in millions of euros for potential claims related to the conflict.
Scor said the estimated cost of the war in Ukraine is compounded by a series of natural disasters and the COVID-19 pandemic in the United States.
“These developments will have an adverse impact on the combined ratio of SCOR P&C (non-life reinsurance, editor’s note) as well as on the technical margin of SCOR L&H (life and health, editor’s note), and should result in a quarterly loss”, declared the reinsurer in a press release.
The group’s subsidiary in Russia, directly affected by the February 24 invasion of Ukraine by Russian forces, has stopped underwriting new business, Scor added.
(Written by Matthieu Protard and Laetitia Volga, edited by Jean-Michel Bélot)
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