The French reinsurance group Scor has estimated just under 200 million euros for the impact on its accounts of the drought which raged in Brazil, generating more claims than expected in the agricultural segment.
The company has been affected by the consequences on harvests of the extreme drought experienced in southern Brazil, she explained in a press release published on Tuesday evening.
Scor presents its position in the country as a leader in the agricultural market.
The amount relates to the whole of the first half but will be much more visible in the results of the second quarter, which will be revealed on July 28.
Analysts expect a net loss for the group of around 50 million euros for the quarter between April and June, according to information collected by Bloomberg.
The company had already reported a dry loss in the first quarter of 80 million euros, affected by the war in Ukraine, the Covid-19 pandemic and a level of natural disasters qualified as very high.
The year 2021 had been better for Scor, despite a third quarter in the red, with a net profit of 456 million euros, linked in particular to the peace agreement reached at the end of June with the insurer Cova, better known to the general public under its brands MMA, MAAF and GMF.
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The reaction was timid on the stock market on Wednesday: around 12:15 p.m., Scor shares dropped 0.30%, to 20.01 euros. It has nevertheless fallen by 27% since the start of the year.