(Reuters) — French reinsurer Scor posted a second-quarter loss as the impact of Russia’s invasion of Ukraine and a drought in Brazil hit its results and said it would unveil a new strategic plan in the third quarter.
Scor reported a second=quarter net loss of €159 million ($162.21 million) compared with a profit of €335 million a year earlier.
Global insured catastrophe losses in the first half of 2022 were estimated at $39 billion — 18% higher than the 21st century average of $33 billion — with severe convective storms in the United States and Europe alone accounting for 54% of the total, according to broker Aon PLC.
The insurance industry faces hefty claims from the Ukraine crisis and greater uncertainty brought on by higher claims costs from inflation.
“We are fully focused on the preparation of the new strategic plan that will be unveiled in November together with our Q3 results,” said Scor CEO Laurent Rousseau.
