Annual Report 2010
jaNUaRy
FEBRUaRy
MaRCH
aPRiL
May
jUNE
jULy
aUGUST
SEPTEMBER
OCTOBER
NOvEMBER
DECEMBER
12 March
23 March
SCOR publishes estimates of expected claims from
the earthquakes in Haiti and Chile and the European
windstorm Xynthia
SCOR Global Life opens a Life representative office
in Israel
This first quarter of 2010 registered an unusually high frequency
of severe natural catastrophe events, as two major earthquakes
struck the American continent in January and February and a
violent windstorm crossed Europe. It is part of SCOR’s mission to
provide protection for such losses. The financial impact, though
significant on a quarterly basis, will have no material impact on
SCOR’s financial strength or solvency position.
The strongest earthquake happened in Chile. At a magnitude of 8.8,
the earthquake that struck the country on 27 February 2010 was
followed by strong aftershocks in the region. The earthquake was
the fifth largest in the world since 1900 and triggered a tsunami
warning in the Pacific Ocean area. It partly destroyed the cities
located around the epicentre, reached Santiago, and according to
the Chilean authorities caused 279 fatalities.
Another unusually strong earthquake happened in Haiti. At a
magnitude of 7.3, the earthquake struck the country on 12 January
2010 and was followed by at least 52 aftershocks, themselves with
a magnitude of more than 4.5. According to the Haitian authorities,
the earthquake caused more than 230,000 fatalities and 300,000
casualties, destroyed thousands of public and private buildings,
including medical facilities, and damaged the country’s
infrastructure and communications network.
Finally, Windstorm Xynthia blew across Europe over the weekend of
27-28 February, hitting seven countries (Portugal, France, Spain,
Germany, Belgium, the Netherlands and Luxembourg).
The west coast of France was hit particularly hard. Wind gusts of
over 200km/h and storm surge floods caused severe material
damage and 52 fatalities, prompting the French government to
declare the storm a “natural disaster”, which triggered state support
through the CCR.
10
SCOR Global Life SE has decided to establish a Life representative
office in Tel Aviv for the Israeli Life and Health market. This market
is estimated to represent around EUR 3.4 billion in 2010. SCOR
Global Life, which has been working on the market for over
30 years, is one of the Top 5 Life reinsurers in Israel. This new office
will enable SCOR to cooperate more closely with its existing and
prospective clients and partners, thereby further strengthening its
presence and position on this market.
The team is headed by Gabriele Hollmann, Chief Executive Officer
of SCOR Global Life Switzerland, and is composed of Murielle
Busbib, a senior actuary from SCOR Global Life SE Paris, and Michal
Tomer, who will be in charge of medical underwriting services for
the Israeli market.
31 March
Philippe Trainar and Frieder Knüpling join SCOR’s
Executive Committee; Michel Dacorogna is appointed
Deputy Chief Risk Officer and Norbert Pyhel heads up
the Cologne Hub
7 april
SCOR obtains a composite reinsurance licence in China,
enabling it to add Life & Health reinsurance services to its
existing Non-Life activities
The China Insurance Regulatory Commission (CIRC) has granted
SCOR SE a composite licence that will henceforth enable the
Group to extend its current Non-Life activities to Life & Health
business in China. SCOR was approved by the CIRC to conduct
Non-Life reinsurance business in October 2006.
SCOR SE’s branch in China is run by Mr. Yu Wei Dong. SCOR SE’s Life
& Health activities in China will be headed by Mrs. Zhao Zeying.