SCOR was named the winner of the “Risk innovation of the year” category at the InsuranceERM Awards on 20 December 2016, a new achievement following the recent “North American Life Reinsurer of the Year” award from Reactions Magazine (see press release distributed on 6 October 2016) and the “Life Reinsurer of the Year” award from Asia Insurance Review (see press release distributed on 17 October 2016).

 

This prestigious award notably recognises the Group’s organisation in June 2015, ahead of COP 21, of the “SCOR Foundation Seminar on Climate Risks”, in conjunction with the Toulouse School of Economics and the leading international think tank of the insurance industry, The Geneva Association. A number of leading economists, climatologists, actuaries, academics and (re)insurance professionals took part in the event to analyse and discuss the issue of climate risks and their insurability, as well as decision making in a context of climate uncertainty. 

 

During this conference, SCOR notably proposed to examine and discuss the implementation of effective and well-balanced public-private partnerships, with a view to reducing the costs for the government, extending coverage to the entire population, and insuring the risks associated with climate change. The Group also highlighted the need for capital markets to increase their capacity to absorb major catastrophes, and to strengthen their research into how to combine capital market instruments with traditional (re)insurance.

 

For more information, see the publication issued following the conference: “Climate Risk Modelling, with awareness of economic, climate and policy related issues”.

 

 

Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “We are very proud to receive this award, which acknowledges SCOR’s strong mind-set in terms of placing ERM at the heart of its strategy, particularly with regard to climate risks. Through innovative initiatives such as those examined during the SCOR Foundation Seminar on Climate Risks, SCOR is helping to spread knowledge, bringing together experts from around the world to the benefit of its clients, and helping to create concrete solutions in order to push back the frontiers of climate risk insurability.”