SIRC: Scor anticipates ‘orderly’ 1.1 in APAC, despite pricing pressures
November 4 2025 by Aidan Gregory
Scor expects an “orderly” 1.1 renewals process in Asia Pacific, with reinsurers facing pricing pressures following a benign natural catastrophe year in the region and an influx of capacity, according to the French reinsurer’s APAC head.
In an interview with InsuranceAsia News, Mukul Kishore, CEO of Scor Re APAC and head of P&C for APAC, said that the upcoming 1.1 renewal in the region is being shaped by “several factors.”
“Demand for reinsurance remains strong both in the mature markets and fast growth markets,” said Kishore. “The nat cat activity to date has been relatively benign. Improved capital position from recent good years will result in more capacity to be deployed. All of this means a more competitive market, but the underwriting discipline holds.”
Heading into 2026, reinsurers face challenges from the impact of climate change, ongoing geopolitical tensions between the US and its trading partners in APAC, which have impacted trade flows, and escalating political risk, such as the wave of Gen Z protests that have unfolded across the region this year, which caused the collapse of Nepal’s government.
“The risk landscape continues to evolve driven by climate change, geopolitical tensions, and trade & supply chain disruptions,” said Kishore. “These require agile adaptation and response to the evolving environment.”
At the upcoming 1.1 renewals, Scor expects an “orderly market,” with “adequate capacity and stable terms and conditions,” assuming that there are no major global loss events between now and the end of 2025, according to Kishore.
“There will be pricing pressure for well performing property cat programs, but we expect it to remain adequate for reinsurers to support the cedent needs,” said Kishore.
“We will continue to offer consistency to our clients in terms of capacity and will look to grow with them where mutually beneficial.
“This prognosis assumes no large global market events that redefines market appetite and pricing adequacy.”
“Our appetite for Asian risks is evolving in line with market developments. We are maintaining a prudent approach to climate-exposed and US casualty business, while expanding in diversifying lines of business and alternative solutions where technical profitability and innovation are strong.”
Mukul Kishore, Scor
After multiple strong years of returns following the last reinsurance market cycle in 2023-24, reinsurers in APAC have amble capacity to deploy, which is fuelling intense competition in the region between reinsurers, creating a buyers’ market, in which reinsurers must remain disciplined on rates and terms and conditions.
Nevertheless, Scor expects cedent retentions to be “stable, especially on cat programs.
“At the expected pricing adequacy there will not be any dearth of capacity at renewals,” said Kishore. “The reinsurers will remain disciplined on the terms and conditions, particularly around exclusions, retentions, limits and the attachment point.”
Heading into 2026, Scor sees strong opportunities in “diversifying lines,” including engineering and marine, and alternative solutions, such as structured solutions for solvency management, earnings protections, and parametric reinsurance, according to Kishore.
Kishore added that APAC remains “central” to Scor’s 2026 strategic plan, known as Forward 2026, which was unveiled by Scor CEO in July 2024 after the French reinsurer took large losses on its L&H book, triggering a profit warning.
Under its current strategy, Kishore said that Scor is “prioritising diversification and disciplined expansion in preferred lines,” with APAC’s “dynamic market” offering “significant opportunities for profitable growth.”
“Our appetite for Asian risks is evolving in line with market developments,” said Kishore. “We are maintaining a prudent approach to climate-exposed and US casualty business, while expanding in diversifying lines of business and alternative solutions where technical profitability and innovation are strong.”
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