Scor

The carrier also took heavy Covid-19 losses in its L&H division, leading to an operating loss at group level.

The carrier said lines including political risk, credit and surety and aviation were facing claims.

The executive said the Ukraine conflict was an example of how the industry had come to over-optimise models.

The incoming active underwriter and CUO was deputy active underwriter at Arch Syndicate 2012 and head of terrorism, aviation, war and space for Arch Insurance International.

A 1% increase in inflation could lead to a five-point increase in combined ratio for a longer-tail risk such as medical professional liability, the Scor chairman said.

Scor’s Malcolm Newman, Axa XL’s Sean McGovern and Aon’s Richard Dudley gave evidence to the Lords committee on regulation.

The day, originally planned for 29 March, will be moved to the end of July.

The syndicate has doubled its underwriting profit and improved its combined ratio as its turnaround work bears fruit.

Earnings reports from Swiss Re, Munich Re and Scor have revealed increased cat budgets and highlighted continued shifts away from frequency coverage.

Future large catastrophe events and new Covid-19 variants remain risk factors for 2022’s earnings.

CEO Laurent Rousseau told employees face-to-face contact is “essential” to the business.

The carrier booked EUR838mn of cat losses for 2021, equal to 12.8% of premium.