SCOR looking at “high double-digit million” losses due to Ukraine conflict

The firm noted that its Russian subsidiary, SCOR PO, has been directly affected by the conflict and has stopped underwriting new business, adding that major losses were anticipated in several of its business lines, including political risks, credit and surety, and aviation.

“SCOR expects a Q1 2022 charge in the high double-digit EUR million range for potential claims related to the conflict across both treaty reinsurance and specialty insurance,” the firm said. “As the conflict continues, this estimate will evolve.”

The company also noted that the estimated cost of the conflict would be added to other first-quarter charges, such as

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