European catastrophe rates in early quotes for January 1, 2027 reinsurance renewals are falling by high single-digit to low double-digit percentages, SCOR P&C CEO Jean-Paul Conoscente said on October 30. He cautioned that the process remains early and many submissions have yet to reach reinsurers.

Key Takeaways

  • The observed declines cover quotes in only a few European countries and do not establish final market-wide renewal terms.
  • SCOR expects strong competition and says its underwriters will prioritize margin and quality over volume.

European catastrophe rates in early negotiations

Conoscente described the global treaty renewal process as very late, with many submissions still outstanding. The price decreases he cited reflected the few submissions SCOR had seen and discussions over the preceding month; some quotes in a few European countries were probably close to final terms.

He said good loss experience had led SCOR to expect continued pricing pressure in catastrophe reinsurance. The assessment is an expectation, while the quoted declines are preliminary observations rather than completed renewal results.

For context, Marsh Re’s Europe Property Catastrophe Rate on Line Index fell 15% at the January 1, 2026 renewals. The index was broadly stable at the mid-year renewals. Those index readings are not a direct measure of the limited quotes SCOR has seen for 2027.

SCOR weighs pricing against risk

Conoscente said conditions differ by line of business. Marine, energy and war lines affected by losses have seen significant price increases, while less loss-affected lines face pricing pressure.

SCOR CEO Thierry Léger said the company expects competition to remain high and will prioritize margin and quality over volume. The remarks came after SCOR’s third-quarter results showed group net income of €206 million and a property and casualty combined ratio of 84.1%.

Next milestone

The next renewal date is January 1, 2027, when more final terms should become clear.

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