SIRC 2026: 1.1 renewals to be driven by discipline, not broad market shifts: Scor’s Mukul Kishore

November 3 2026 by and

The upcoming 1.1 renewals are set to be characterised by discipline and differentiation rather than broad market movements, Mukul Kishore, CEO of Scor Reinsurance Asia Pacific and head of Asia Pacific P&C, said. 

“The central question is no longer whether sufficient capacity exists. It is whether capital is being deployed in a way that supports both profitable growth and long-term resilience for the industry and its clients,” Kishore said.  

“The key question for APAC is no longer whether capacity is available. It is how industry can deploy capital, expertise and technology to narrow protection gaps while preserving long-term insurability.” 

Heading into 2027, Scor will stay focused on underwriting discipline, client partnership and regional resilience in the region, Kishore said, keeping strong standards and disciplined capital allocation to sustain profitability through every market cycle, deepening relationships with expertise and tailored solutions rather than purely transactional deals, and helping the industry adapt to evolving climate and emerging risks. 

Amid the ongoing market softening, Kishore insists Scor’s approach remains consistent, with a focus on profitable and sustainable growth “rather than growth for its own sake”. 

“Our risk appetite continues to be guided by technical fundamentals, portfolio balance and long-term value creation. We continuously assess opportunities across markets and segments, but our objective is not to chase market share. Instead, we remain disciplined in deploying capital where we believe risk-adjusted returns are attractive,” he said. 

“In terms of growth opportunities, APAC continues to offer considerable potential. Protection gaps remain substantial across many emerging markets, particularly in Southeast Asia. We see opportunities in supporting economic growth through traditional property and casualty reinsurance, while also helping clients address emerging risks. 

“Areas such as climate resilience, specialty lines, alternative risk transfer and parametric products are likely to play an increasingly important role. More broadly, we see significant opportunities in partnering with clients to improve risk understanding, enhance portfolio management and develop innovative solutions that address evolving customer needs.” 

“While capacity remains available, I expect continued differentiation. Reinsurers will remain focused on risk-adjusted returns, and cedents that demonstrate strong underwriting performance, high-quality data and disciplined exposure management should continue to benefit from constructive reinsurance support.”

Mukul Kishore, Scor

Heading into the 1.1 renewals, the APAC reinsurance market remains fundamentally well supported, according to Kishore, with reinsurers entering the renewal season with healthy balance sheets and improved profitability following several years of underwriting discipline and portfolio optimisation. 

“While capacity remains available, I expect continued differentiation. Reinsurers will remain focused on risk-adjusted returns, and cedents that demonstrate strong underwriting performance, high-quality data and disciplined exposure management should continue to benefit from constructive reinsurance support,” he said.  

“From a pricing perspective, the broad-based hardening cycle is now largely behind us. We are seeing a more nuanced market, with outcomes increasingly driven by individual portfolio performance rather than overall market conditions.  

“Where underlying risks have performed well and technical adequacy remains intact, pricing should remain relatively stable. At the same time, loss-affected portfolios or areas where exposure trends are not adequately reflected in pricing will continue to attract scrutiny. 

“Retention levels are likely to remain broadly aligned with recent years, reflecting the industry’s greater focus on earnings volatility management and the need to preserve reinsurance capacity for more severe events.  

“On wordings, I do not expect a significant reversal of the improvements achieved over the last few renewal cycles. Clarity, contract certainty and disciplined coverage management will remain important priorities for reinsurers.” 

The industry must stay vigilant on rate adequacy as exposures, climate risks and loss trends evolve, Kishore said.  

“The objective should not be to maximise short-term premium growth, but rather to ensure that pricing appropriately reflects the underlying risk,” he said.  

While targeted adjustments may occur where portfolios perform well, reinsurers will likely preserve contract clarity, attachment points and sustainable risk-adjusted returns, Kishore added.  

This year, according to Kishore, showed nat-cat risk remains significant and evolving. 

“The frequency and severity of weather-related events reinforce the importance of risk selection, portfolio diversification and technical pricing discipline,” he said.  

Growing exposure concentrations across Asia Pacific, driven by urbanisation and infrastructure growth, plus rising secondary perils like floods, underscore the need for better risk modelling, data quality and resilience measures, Kishore added.  

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