LONDON, Oct 27 (Reuters Breakingviews) - As the old proverb goes, it’s an ill wind that blows nobody any good. On Wednesday, French insurer Scor’s (SCOR.PA) share price soared over 10% after it posted a better-than-expected loss in the three months ending Sept. 30. Investors were granted a 200 million euro buyback and the 5 billion euro insurer’s premium sales were up 13% versus the same period in 2020.
Insurers have had a torrid pandemic. Business interruption claims and a dismal travel insurance market have meant shares of the likes of Allianz (ALVG.DE) , Axa (AXAF.PA) and Munich Re (MUVGn.DE) have still not returned to their pre-virus levels. Scor’s numbers, however, show a benefit from a post-pandemic surge of policy renewals which Scor was able to charge more for, because companies have busted through their no-claims terms. Better still, most insurers are in the same boat, meaning Scor can write stingier conditions without losing customers. Happy days, except for everyone else. (By Aimee Donnellan)
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