SCOR Activity-Report 2022 RSE

A YEAR OF
RISK & RESILIENCE

Activity Report 2022
3 ACTIVITY REPORT 2022 RAISON D’ÊTRE
COMBINING
THE ART &
SCIENCE OF RISK
TO PROTECT
SOCIETIES
As a global independent reinsurance company, SCOR
contributes to the welfare, resilience, and sustainable
development of society by bridging the protection
gap, increasing insurance reach, helping to protect
insureds against the risks they face, pushing back the
frontiers of insurability, and acting as a responsible
investor. Through the expertise and know-how of its
employees, it combines the Art and Science of Risk to
offer its clients an optimum level of security and creates
value for its shareholders by developing its Life & Health
and Property & Casualty business lines, respecting
strict corporate governance rules. SCOR provides its
clients with a broad range of innovative reinsurance
solutions and pursues an underwriting policy founded
on profitability, supported by effective risk management
and a prudent investment policy •
4 5 ACTIVITY REPORT 2022 CONTENTS
OUR
GROUP 6
APPROACH TO SUSTAINABILITY 18
PEOPLE 32
RISK KNOWLEDGE 42
BUSINESS IMPACT 62
SUSTAINABLE OPERATIONS 88
6 7 ACTIVITY REPORT 2022 OUR GROUP
SCOR is fully mobilized to meet all the conditions required to

successfully benefit from the new environment. In this perspective,
the Board of Directors of SCOR has unanimously decided to a change of
Chief Executive Officer, appointing Thierry Léger as of May 1, 2023. An
experienced and skilled reinsurer with expertise in both Life & Health and
Property & Casualty reinsurance, Thierry Léger’s mission is to present a new
plan aiming at consolidating SCOR’s position as a Tier 1 global reinsurer.
As an industry, reinsurance is benefitting structurally from long-term growth
drivers, such as the expansion of the risk universe, an increased aversion
to risk (and consequently a greater demand for cover), a growing sphere
of insurable risks, and the gradual reduction of the protection gap in both
emerging markets and industrialized countries.
In recent quarters, the reinsurance industry has also been supported
by three favorable developments on both the asset and liability sides.
First, the positive phase of the Property & Casualty reinsurance cycle,
marked by strong general market hardening, is ongoing. Second, in Life
& Health reinsurance, the excess mortality associated with the Covid-19
pandemic has largely disappeared. Finally, the rise in interest rates – which
“SCOR will
SCOR is taking full advantage of thanks to the low duration of its investment
portfolio – will significantly increase the financial contribution of investments
to reinsurers’ net income.
actively pursue its Last, but not least, 2023 marks the transition to the new IFRS 17 accounting
standard, which constitutes a veritable quantum leap for the reinsurance
development with
industry in general, and for SCOR in particular. This new standard reflects
the Economic Value of the Group’s risk portfolio more accurately and
faithfully, particularly for life reinsurance. At EUR 9.8 billion as of March
the twofold target

31, 2023, SCOR’s Economic Value confirms the relevance of the strategic
choices made over the past few years. These choices have notably been
guided by the conviction that life reinsurance is a strong value creator. This
of solvency and
Economic Value is now fully recognized in the Group’s accounts, which was
not the case under IFRS 4.
value creation.”
In this favorable environment, SCOR will actively pursue its development
with the twofold target of solvency and value creation, leveraging its
global underwriting platform, its outstanding technical know-how, its
internationally recognized franchise, its first-rate reputation on the market,
and the richness of its human capital.
We have an extraordinary and fascinating job: helping the world to face
ever more complex, severe, and global risks z
Denis Kessler — CHAIRMAN

SCOR’S OFFICES
AROUND THE WORLD
SCOR
AT A GLANCE
SCOR, a leading global reinsurer, offers our clients
a diversified and innovative range of reinsurance and
insurance solutions and services to control and manage
risk. Applying “The Art & Science of Risk,” SCOR uses
our industry-recognized expertise and cutting-edge
financial solutions to serve our clients and contribute
to the welfare and resilience of society.
Established in some 35 countries worldwide, the Group provides

services to more than 5000 clients. With leading knowledge, talent, and €19.7
expertise across all lines of business, SCOR develops bespoke solutions
centered around customer needs in an evolving insurance ecosystem • billion
gross written premiums
A WELL-DIVERSIFIED PORTFOLIO
Gross written premiums
€10 3500
employees
35
offices worldwide
billion
P&C
18%
€9.7
5200
APAC
44% billion
Americas L&H
clients
37%
EMEA +2.1%
Return on invested assets
BUSINESS
activities
THE BUSINESS SCOR Investments operates the asset management
OF CALCULATED RISKS activities of the Group. It comprises the Asset Owner
Department and SCOR Investment Partners, a
The reinsurance business involves taking regulated asset management company. SCOR
calculated risks in return for a premium. SCOR Investments contributes to economic growth by
invests these premiums to generate returns that allow helping to increase many forms of capital with a
the Group to absorb the financial consequences particular focus on sustainable investments.
of the events and damages to which it is exposed.
SCOR’s activities are built around three business
units: SCOR Property and Casualty (P&C), SCOR BUILDING RESILIENCE
Life and Health (L&H), and SCOR Investments. The
Group’s operations are organized around three Building resilience in today’s rapidly evolving
regional hubs: the EMEA Hub, the Americas Hub, (re)insurance ecosystem is no small challenge.
and the APAC Hub. Insurers can rely on abundant and granular data
to calculate the distribution of the high-frequency,
SCOR Property and Casualty’s broad coverage of
relatively low-severity risks they are exposed to.
physical, environmental, and financial risks includes:
Reinsurers, on the other hand, focus on low-frequency,
P Damage to physical assets caused by fire, natural high-severity events for which the variance per risk
catastrophes, and other perils, as well as inherent is much higher; however, because many of these
defects in construction. potential catastrophes are unprecedented in scale or
severity, the data is limited. This is why reinsurers use
P Customized risk transfer solutions for crops,
probabilistic rather than statistical tools – because
livestock, forest, greenhouse, and aquaculture
we can’t foresee what is going to happen, we must
resources.
infer it. More and more, this means entering a world
P Credit, surety, and political risks. of scenarios.
SCOR Life and Health safeguards human, social, Financial and human capital are key resources for the
and relationship capital. With our unique expertise in sustainability of SCOR’s activities. SCOR’s reinsurance
biometric and health-related risks, the Group offers professionals are highly qualified to identify, select,
solutions for: assess, and price large risks, enabling us to absorb
them and, in the best of cases, turn challenges into
P Critical illnesses such as cancer, heart attacks,
opportunities •
and stroke.
P Long-term care required by conditions such as
Alzheimer’s disease.
P Longevity risks, which are important to the
security of pension systems.
INTERVIEW Ian Kelly
WEATHERING SCOR’S GROUP

CHIEF FINANCIAL OFFICER
the storm
2022 WAS A DIFFICULT
It’s true that the first three coming into 2023: SCOR reported
RATING AGENCIES Standard & Poor’s A+ Fitch Ratings A+ YEAR FOR THE
quarters of 2022 presented a a net income of EUR 208 million
(RE)INSURANCE
challenging environment for in Q4 and ended the year with an
INDUSTRY – AND FOR
Moody’s A1 AM Best A+ SCOR IN PARTICULAR. SCOR. At the start of the year, we estimated Group solvency ratio of
HOW DO YOU FEEL were still feeling the impacts of the 213%, which is in the upper part of
ABOUT THE FULL YEAR Covid-19 pandemic and then, of the optimal range.
RESULTS AND SCOR’S course, the war in Ukraine broke On top of that, our franchise
STRATEGIC POSITIONING out. Beyond the human factors, remains strong, showing growth
€19.7 bn 113.2%
MOVING INTO 2023? the economic effects of the war in gross written premiums for the
gross written premiums

213%
2022 year-end solvency P&C net combined ratio
have been felt throughout the year,
notably with increasing inflation
entire year. The hardening P&C
market environment is already
rates. These factors were then resulting in materially higher
14.5% €5.1 bn €28.48

compounded by severe droughts rates at the January 1, 2023
and numerous Natural Catastrophe renewals. In addition to that, our
events around the world. L&H performance is strong with
L&H technical margin shareholder equity book value per share
All of these factors translated into a lessening pandemic impacts and
net loss for SCOR in the first three rising interest rates will rapidly
quarters. However, the actions we benefit SCOR’s asset portfolio
have been undertaking resulted when reinvesting into higher
in a very positive Q4 result, which yielding bonds.
gives us reason to be optimistic
EVOLUTION OF GROSS WRITTEN PREMIUMS SINCE 2012
(IN BILLION EUR)
Life & Health Property & Casualty HAS CLIMATE CHANGE Climate change is a real the link between these events and
HAD A MEASURABLE concern for (re)insurers – in global climate change.
IMPACT ON SCOR’S particular on the P&C side of the As a reinsurer, it’s our job to ensure
9.6 10.9 11.3 13.4 13.8 14.8 15.3 16.3 16.4 17.6 19.7
PERFORMANCE? business. Many of the losses SCOR that these events have as little
sustained in the first quarters of impact on societies as possible –
20 2022 are due to extreme weather but preventing these catastrophes
events like the floods in Australia, before they occur would be
Hurricane Ian in the US, hailstorms preferable to rebuilding after they
in France, and one of the worst have caused physical damage
15 droughts in Brazilian history. 2022 and loss of life. That’s why SCOR
was the sixth consecutive year believes that (re)insurers have a
marked by a high frequency of key role to play in limiting climate
natural catastrophes and other change and helping societies
10 weather-related events and it transition to cleaner, more energy-
would be impossible to ignore efficient future.
5 While IFRS17 does not consider will better demonstrate

WHAT EFFECTS CAN WE
EXPECT IFRS 17 TO HAVE change the underlying the true value of our business. In
ON SCOR’S FINANCIAL performance of our business, particular, we plan to regularly
PERFORMANCE IN 2023? it will significantly change how provide the market with a view on
0 the financial performance is the Economic Value of SCOR – this
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 presented. IFRS17 follows a more will become a key indicator for us •
economic approach which we
Ensuring a strong SCOR uses a skills matrix to ensure that its Board
members bring the varied and complementary input
needed to inform high-quality debate and decision-
In conjunction with the Board, the Executive
Committee is responsible for implementing the
strategy adopted by the Board of Directors, under
GOVERNANCE making. The Board is composed of insurance, finance,

banking, IT, ESG, legal, and other professionals,
both men and women, representing nine different
nationalities.
the authority of the Chief Executive Officer. The Chief
Executive Officer has executive authority to manage
SCOR’s business, subject to the prior authorization
of the Board of Directors or the Shareholders’
Meeting for certain decisions as required by law
The average attendance rate of the members of the and by the company’s bylaws and subject to the
Board in 2022 was 97%.
SCOR believes strong governance is key to a resilient French Insurance Code (Code des assurances) which
prescribes that at least two persons shall effectively
company that can foster growth and excellence in run the company (“four-eyes” principle) •
its employees and contribute to the sustainable

development of societies and the planet. We work hard GROUP EXECUTIVE COMMITTEE AS OF DECEMBER 31, 2022 MAY 1, 2023
to ensure SCOR is led by a team of qualified men and
women whose personal convictions reflect SCOR’s values
and whose experience enable them to guide the Group
toward its financial and business targets.
LAURENT ROUSSEAU(1) FRANÇOIS DE VARENNE(2) JEAN-PAUL THIERRY LÉGER(1)
Chief Executive Officer Investments, Technology, CONOSCENTE Chief Executive Officer
Transformation, and Group Chief Executive Officer as of May 1, 2023
Corporate Finance Officer of SCOR Property &
As a listed company, SCOR adheres closely to The Board meets at least four times a year. In Casualty
best practices. Since 2008, SCOR has adhered to the accordance with the law, it approves the financial
Corporate Governance Code for listed corporations statements, proposes dividends and makes
(Code de gouvernement d’entreprise des sociétés investment and financial policy decisions. The Board
cotées) published by the AFEP (Association Française examines and makes decisions on major operations,
des Entreprises Privées) and the MEDEF (Mouvement possibly after review by an ad hoc committee. The
des Entreprises de France) as its corporate governance Board of Directors’ composition is guided by the
code of reference. Two governance bodies play a following principles:
key role in meeting the Group’s strategic objectives
P Applic ation of bes t-in- clas s corporate
and ensuring appropriate management of risks: the ROMAIN LAUNAY FRIEDER KNÜPLING BRONA MAGEE(3)
governance practices.
Board of Directors, organized into seven committees, Deputy Chief Executive Chief Executive Officer Deputy Chief Executive
and the Group Executive Committee. P Appropriate number of Board members in order Officer of SCOR Property of SCOR Life & Health Officer of SCOR Life
The principal responsibility of the Board of Directors to allow meaningful individual participation. & Casualty & Health
is to define the strategic guidelines of the company’s
P Majority of independent directors (78,6% of (1) Laurent Rousseau stepped down
business activities and to ensure their implementation,
independent directors as of December 31, 2022). from his role as CEO and his position
in accordance with its corporate interest, taking into on SCOR’s Board of Directors
on January 26, 2023 and has left
account the social and environmental aspects of its P Diversity of expertise. the company to pursue other
activity. It monitors management’s performance and opportunities. As of May 1, 2023,
P Professional experience. Thierry Léger is the acting Chief
ensures the sound and prudent management of the Executive Officer of SCOR.
Diversity of nationalities (43,8% of non-French

(2) From January 26 to May 1, 2023,
company, and regularly reviews the opportunities P François de Varennes served as
and main risks (e.g. financial, legal, operational, directors as of December 31, 2022). interim Chief Executive Officer of
SCOR. After this period, he resumed
social, societal and environmental risks), as well as CLAIRE IAN KELLY FABIAN UFFER his primary role as Investments,
P High proportion of female Board members Technology, Transformation, and
the measures taken accordingly. LE GALL-ROBINSON Chief Financial Group Chief Risk Group Corporate Finance Officer.
(42,8% of women as of December 31, 2022). Governance, Human Officer of SCOR Officer (3) Brona Magee has resigned from her
Resources, Sustainability, position on the Executive Committee
as of January 6, 2023 and has
Legal & Compliance and left the company to pursue other
Communications Officer opportunities.
SCOR’S BOARD OF DIRECTORS AS OF DECEMBER 31, 2022
DENIS KESSLER FABRICE BRÉGIER MARC M. BÜKER ADRIEN COURET MARTINE GEROW PATRICIA LACOSTE VANESSA MARQUETTE
Chairman French French, Turkish French French, American French Belgian
French Appointed: April 26, 2019 Appointed: May 18, 2022 Appointed: November 6, 2020 Appointed: November 8, 2022 Appointed: June 30, 2021 Appointed: April 30, 2015
Appointed: November 4, 2002 Term expires: 2025 Term expires: 2025 Term expires: 2023 Term expires: 2023 Term expires: 2024 Term expires: 2023
Term expires: 2024
Strategic Committee, Compensation Committee Strategic Committee, Strategic Committee, Strategic Committee, Strategic Committee,
Strategic Committee Audit Committee, (director representing) Audit Committee, Audit Committee, Audit Committee, Audit Committee,
(Chairman), Compensation Committee, Risk Committee (Chairman), Sustainability Committee Compensation Committee, Risk Committee,
Nomination Committee, Nomination Committee Nomination Committee, Sustainability Committee Nomination Committee,
Crisis Management (Chairman), Crisis Management Sustainability Committee,
Committee (Chairman) Crisis Management Committee Crisis Management
Committee Committee
BRUNO PFISTER AUGUSTIN DE ROMANET LAURENT ROUSSEAU(1) PIETRO SANTORO THOMAS SAUNIER
Swiss Vice-Chairman French German, Italian Representing Holding
Appointed: April 27, 2016 French Appointed: June 30, 2021 Appointed: May 18, 2022 Malakoff Humanis
Term expires: 2024 Appointed: April 30, 2015 Term ended: January 26, 2023 Term expires: 2025 French
Term expires: 2023 Appointed: April 27, 2017
Strategic Committee, Strategic Committee Sustainability Committee Term expires: 2023
Audit Committee (Chairman), Strategic Committee, (director representing
Risk Committee, Audit Committee, employees) Strategic Committee,
Compensation Committee, Risk Committee, Nomination Committee
Crisis Management Sustainability Committee
Committee (Chairman),
Crisis Management Committee
CLAUDE TENDIL NATACHA VALLA ZHEN WANG FIELDS WICKER-MIURIN

French French Chinese British, American
Appointed: May 15, 2003 Appointed: June 16, 2020 Appointed: April 26, 2018 Appointed: April 25, 2013
Term expires: 2024 Term expires: 2025 Term expires: 2023 Term expires: 2023
Strategic Committee, Strategic Committee, Strategic Committee, Strategic Committee,

Compensation Committee, Audit Committee, Risk Committee Risk Committee,
Nomination Committee, Risk Committee, Compensation Committee (Chair),
Crisis Management Sustainability Committee Nomination Committee,
Committee Sustainability Committee, (1) Laurent Rousseau stepped down from his role as CEO and his position on SCOR’s Board of Directors on
Crisis Management Committee January 26, 2023 and has left SCOR to pursue other opportunities.
18 19 ACTIVITY REPORT 2022
OUR APPROACH TO
SUSTAINABILITY
Sustainability is key to SCOR’s

commitment to enabling more
resilient societies and a better
future for all.
20 Preventing the risks of tomorrow
22 Embracing ESG
24 Building a sustainable business
26 Committing to change
30 SCOR’s vision for a sustainable future
our
APPROACH TO
SUSTAINABILITY
OUR APPROACH TO
SUSTAINABILITY
Claire Le Gall-Robinson
GOVERNANCE, HUMAN RESOURCES, SUSTAINABILITY, LEGAL & COMPLIANCE AND COMMUNICATIONS OFFICER
Resilience, through the capacity to absorb

and recover from shocks, is intrinsically linked
to SCOR’s mission as a global reinsurer.
As we operate in an expanding and evolving risk
universe which challenges our resilience, it is
increasingly key to understand this environment and
to support and provide our clients with new solutions
to address these risks. “Reinsurers, as providers of
Climate change is a good illustration. On the Property protection products as well as
and Casualty side, it leads to more frequent property major investors in the economy,
claims related to natural catastrophes. On the Life
and Health side, we need to consider elements have a vested interest in
such as the changing pattern of disease occurrence supporting efforts aimed at
resulting from the migration of disease vectors such
as mosquitos. curbing global warming and
This is why reinsurers, as providers of protection bolstering resilience to make
products as well as major investors in the economy, the world more sustainable.
have a vested interest in supporting efforts aimed at
curbing global warming and bolstering resilience to At SCOR, we put sustainability
make the world more sustainable. at the core of our strategic
At SCOR, we put sustainability at the core of orientations, shaped by
our strategic orientations, shaped by our raison
d’être. Over the past years, we have enhanced our our raison d’être.”
sustainability governance framework to embed it
better at all levels of the organization.
We also recognize that human capital – our people
– is a key driver to prepare the Group for the risks of
tomorrow and to address sustainability challenges.
Indeed, we operate in a highly competitive sector
which strongly relies on employees’ expertise to
constantly push the frontier of insurability and to
transform knowledge into impact. Ensuring the
resilience of our people and fostering a collaborative
and stimulating company culture is key.
Preventing the risks By deepening our knowledge and leveraging

innovation and collaboration, SCOR aims to protect
against the risks of today while preventing the risks
of tomorrow.
Throughout this report, you will have the chance to
OF TOMORROW discover how SCOR is concretely supporting the

resilience of our environment and ecosystems, our
employees, our clients, and policyholders around
the world. Together, we can ensure resilience for a
more sustainable future •
OUR APPROACH TO
SUSTAINABILITY
“We can no longer

afford for sustainability
to be an afterthought and
1
A SUSTAINABLE A RESPONSIBLE
3
the (re)insurance industry INSURER INVESTOR
AN INCLUSIVE
has a key role to play in We believe that the
global (re)insurance industry
SCOR sees sustainability
as more than just a way EMPLOYER
ensuring a more has a leading role to play in
accelerating the transition
of building a resilient
portfolio and sustainability Everyone deserves a workplace
5
to a more resilient, net zero has long since been a where they feel comfortable to
sustainable tomorrow.” economy. Across P&C and guiding practice for SCOR’s be themselves and where they
L&H lines of business we are investment activities. This can thrive professionally and
Michèle Lacroix working not only to ensure has led us to exclude certain personally. Diversity and Inclusion
protection and financial industries and activities – are central to our collaborative
GROUP HEAD OF SUSTAINABILITY resilience after an insured such as cluster munitions, OneSCOR culture where all
event but to also promote Arctic oil, coal, and tobacco, employees are empowered,
prevention and proactively as well as countries that do innovation is encouraged, and our
manage risks. not adhere to the Financial differences are our strengths. And
Action Task Force rules – for an international company like
SCOR is also committed to
SCOR has worked for promoting sustainability
from our investment
universe.
SCOR, this goes beyond gender
equality to encompass ethnic,
AN
INNOVATIVE
the sustainable development through our business as
we strive to transition our SCOR has pledged
cultural, linguistic, and other
PARTNER
forms of diversity. SCOR’s
of societies for more than underwriting portfolios
to net zero greenhouse
to consistently
work to achieve
Working Well Together
The risk universe is
50 years. As risks to our world gas (GHG) emissions by
2050 and we actively
carbon neutrality
by 2050 and
program promotes our
D&I values, facilitates
expanding – but so is the
(re)insurance ecosystem.
and societies intensify, SCOR support our clients in their reverse biodiversity
wellbeing, and fosters
community engagement.
SCOR leverages
transition toward Net Zero. loss by 2030. We partnerships beyond the
believes ensuring a more resilient Furthermore, we continue have set interim
Learn more on page 32 .
industry to bring innovative
to deepen our knowledge decarbonization targets solutions our insurer clients
future starts with the actions we of sustainability risks and for 2025 and 2030: to and policyholders for the
take today, so we are working

to integrate ESG considerations
into every element of our
leverage this understanding
to develop innovative
products that are closing
the protection gap and
contributing to more resilient
reduce the carbon intensity
of our corporate bonds and
listed equities portfolio by
27% and 55% respectively.
Our investment practices are
4
A CONSCIENTIOUS
betterment of societies.
And because we are
stronger together, we
believe that partnerships
also offer us a valuable
societies. See page 62 for detailed on page 80 . opportunity to preserve
business and company culture. more information , COMPANY natural resources and
sustainable practices.
SCOR integrates environmental
Get to know our partners
considerations when selecting
and other initiatives on
and maintaining our offices around
pages 68 and 74 .
the world, favoring sustainable
EMBRACING ESG
2
and eco-responsible construction
and operations. As a company,
SCOR carefully monitors its own
environmental and carbon footprint.
in who we are
In 2022 the Group met its pledge of
reducing its per-employee carbon
intensity by 35% compared to 2014. In
addition, nearly 70% of the electricity
and what we do
used at SCOR offices around the
world comes from renewable
sources. Learn more on page 88 ,
OUR APPROACH TO
INTERVIEW Michèle Lacroix
SUSTAINABILITY
GROUP HEAD OF SUSTAINABILITY
HOW DOES Sustainability covers the have highlighted the urgency of

SUSTAINABILITY GO three Environmental, Social, fighting against deforestation and
BEYOND CLIMATE and Governance pillars and by protecting natural ecosystems,
CHANGE? WHAT OTHER essence goes far beyond climate further demonstrating the
ISSUES SHOULD BE change. Focusing on environment, interconnectedness of all
CONSIDERED AND WHY? it is becoming obvious that environmental objectives. Thinking
the climate crisis needs to be about climate change is no longer
considered in a holistic way. The possible without considering the
Conference of Parties on Climate impact of biodiversity loss on the
Change last November and that environment. We need to look at
on Biodiversity last December nature in its entirety.
WHY SHOULD A Sustainability deals with a lot on its best levers to address them.
REINSURER LIKE of topics, on environment, social For a reinsurer like SCOR, climate
SCOR PRIORITIZE aspects, and governance. Some and environmental topics are
SUSTAINABILITY? are more material depending on obviously among the top. However,
the sector in which you operate, as our business requires a high
others depend on your size or level of expertise and this expertise
the countries where you operate. cannot be patented, attracting and
Each actor should identify the retaining top talent and offering a
most critical sustainability-related nurturing working environment are
matters for its own business, from key components of our ability to
both the financial materiality and create long-term value.
the impact perspectives and reflect
WHAT IS SCOR’S Our approach is to optimize work to improve resilience of

APPROACH TO our positive impact while communities through our role
SUSTAINABILITY? reducing adverse impacts. This in closing the protection gap for
relies on our Theory of Change extreme events disasters and by
that applies to underwriting, expanding insurance coverage to
investments, and operations. underserved populations to narrow
Reducing our carbon footprint, the protection gap and enhance
supporting clients and investees security. Beyond protection, the
in the transformation of their L&H business has a critical role to
own business models to a play in developing and providing
more sustainable world, and more inclusive products and
developing innovative solutions incentivizing healthy behaviors
to accelerate the transition are that help prevent illnesses and
part of our contribution. We also
BUILDING
premature deaths.
a sustainable WHAT DID SCOR

ACCOMPLISH REGARDING
SUSTAINABILITY IN 2022?
2022 was an exciting year
and rewarding year. We have
seen material improvement of
credibility of our strategy. To deliver
on our commitments, we will set
new targets in 2023, demonstrating
business
WHAT ARE THE GOALS our rating from four ESG rating how we intend to walk the talk.
FOR 2023? agencies, as a testimony of the
OUR APPROACH TO
SUSTAINABILITY
Committing
TO CHANGE SCOR has long held this principle of double
INSIDE-OUT IMPACTS
materiality at the core of its business operations
– even before it was named as such. Indeed,
The double materiality principle has come to the SCOR employees were at the forefront of these
The key sustainability areas in which SCOR can
have the greatest impact on external ecosystems
forefront of European Union discussions on sustainability conversations with the European Commission’s
Technical Expert Group on Sustainable Finance in
were identified as human capital management
and climate, as well as health. Across all the factors
and business over recent years and raises an important 2018 when the term “Double Materiality” was coined
in an effort to qualify the impact of businesses on the
analyzed, SCOR’s underwriting strategy was found
to have the greatest potential impact and, to a lesser
question: Should a business or an investment fund deterioration of natural assets. extent, our investment strategy, expertise, and
product innovation.
care only about how ESG issues impact its business? It is in SCOR’s operating nature to consider the
impact of its business on the environment and on Together, these two perspectives inform and shape
Or should it also consider – and report on – how its society. Financing the sustainable development of
societies is central to SCOR’s purpose, leading the
SCOR’s approach to sustainability and enable us
to take a holistic approach to embedding these
operations affect people and external ecosystems? Group to always consider the impacts of its decisions considerations and leveraging their opportunities
on people and ecosystems. By working to boost the along the entire value chain.
ability of future generations to meet their own needs,
SCOR actively contributes to a more sustainable
world and, in return, protects its business against SCOR’S THEORY OF CHANGE
damages over a much longer time horizon. This is AND IMPACT FRAMEWORK
evidenced by the exclusions of environmentally
unsound businesses such as coal and tobacco, With all this in mind, SCOR’s Theory of Change aims
the Group’s careful attention to its environmental to support the transition to a better tomorrow while
footprint, its net zero pledge, and other important benefitting from opportunities stemming from this
ESG considerations that determine how we do transition. Underpinned by SCOR’s raison d’être –
business and with whom. combining the Art and Science of Risk to protect
societies – the Theory of Change recognizes the
need to act now to improve future resilience. The
SCOR’S DOUBLE nature of SCOR’s business is to stay alongside the
real economy while combining our own actions to
MATERIALITY ANALYSIS reduce negative impacts, engaging with our clients
and investees, and effecting positive impact to foster
Implementing the double materiality approach,
the transition. For climate, this can lead to concrete
SCOR regularly identifies and reevaluates the main
reduction of GHG emissions in the atmosphere and
sustainability matters affecting its business from
contribute to reaching net zero by 2050 in line with
both the financial perspective and that of the impact
the Paris Agreement.
for stakeholders. This double materiality analysis is
the basis for SCOR’s Theory of Change – how our SCOR’s makes it a priorit y to contribute to
business acts for the transition to a better tomorrow. international goals regarding climate and
biodiversity, as set out in the Paris Agreement and
OUTSIDE-IN RISKS AND OPPORTUNITIES
the Convention on Biological Diversity. SCOR will
The materiality analysis identified human capital continue to embed sustainable practices into its
management, climate (physical and transition risks), P&C and L&H insurance businesses, as well as its
and nature and biodiversity as the key sustainability investments and operations. The identification of
matters and non-financial risks for SCOR when three top Sustainable Development Goals by SCOR
it comes to market expectations and strategic employees (page 30) is key to determining how we
ambition. These are also where risks of tomorrow move forward and where we place our focus. Our
stand, leading to new business opportunities. These sustainability materiality analysis will help us to follow
results were cross-checked using other mechanisms a well-defined path, centered on the areas where we
for identifying risk factors (e.g., megatrends, can contribute most to our raison d’être.
emerging risks, and operational risks).
OUR APPROACH TO
SUSTAINABILITY
GUIDING PRINCIPLES CONCRETE ACTION – NOW our own activities and through our engagement and assets portfolio and has joined several coalitions to
influence in the broader (re)insurance underwriting engage with our investees on climate as well as on
SCOR’s Theory of Change, which will guide our SCOR’s focus is on taking concrete action based business. biodiversity.
action across all business lines, follows three guiding on reliable facts, thereby laying the foundation for
2. Invested assets: SCOR has a longstanding 3. Operations: SCOR strives to offer employees
principles: a structural shift in the way climate change risks,
contribution to financing the transition to a low a comfortable and sustainable work environment.
and more generally the sustainability imperative,
P SCOR will strive to reduce the negative impact carbon economy and the green bucket amounts We have reduced the carbon footprint per employee
are managed. Our Theory of Change is intended to
of all its activities. to 8.5% of invested assets as of end of December by 55% (compared to 2014 baseline) and continue
optimize the positive impacts of our strategies as we
2022. In parallel, and to deliver on our commitment to implement environmental management systems
P Operating alongside the real economy, the work to counter the effects of climate change. These
to net zero through our Theory of Change, SCOR wherever possible •
Group will engage with our partners, clients, and actions are concentrated in three main areas:
has set decarbonation targets for our invested
investees to support their own journey toward
1. Underwriting activities: Actions may involve
resilience.
exiting certain risks or sectors, such as coal, oil, and
P SCOR will support the transition to a better gas. We provide our underwriters with complete
tomor row while b enef i t t ing f rom t he risk assessment grids to deploy the positive effects
opportunities stemming from this transition. of insurance and risk-managed behaviors, both in
The Group appoints a Group
Chief Sustainability Officer SCOR is a cosignatory
to the Executive Committee of a letter calling
for the Food
and Agriculture
SCOR becomes a founding Organization to
member of the Poseidon publish a roadmap
SCOR SCOR signs Principles for Marine to 1.5°C (see page 88)
publishes the Finance for Insurance
SCOR is leading the debate SCOR expands its
SCOR Investment its Climate Biodiversity
on the financial protection coal divestment
Partners signs the Policy pledge, SCOR joins the PRI
of developing countries from
United Nations strategy based on committing SCOR joins the PRI’s Advance stewardship
natural catastrophe risks the Global Coal
Principles for to reverse Sustainable Commodities initiative on human
Responsible Exit List (GCEL) biodiversity rights and social issues
Practitioners’ Group (SCPG)
Investment (PRI) loss by 2030
2003 2007 2008 2009 2012 2016 2017 2018 2019 2020 2021 2022
SCOR joins SCOR is a founding SCOR publishes its first SCOR participates
the United signatory of the SCOR signs a SCOR commits to in the Partnership for
decarbonation targets
Nations Principles for Sustainable global charter protecting World Carbon Accounting
on corporate bonds
Global Insurance (PSI) on professional Heritage Sites SCOR publishes Financials’ Insurance-
and equities portfolio
Compact equality between its first Associated Emissions
initiative women and men Sustainable Working Group
SCOR is a founding Investment Denis Kessler serves
signatory of the Policy
SCOR signs the Kyoto Statement, as Chairman of the
tobacco-free SCOR publishes
a major (re)insurance initiative to (Re)insurance Advisory
finance pledge a research series on
combat climate change Board (RAB), a specialist
SCOR signs the representative body for the impacts of climate
United Nations the European (re)insurance change on Life and
Principles for industry Health insurance
SCOR (Paris office) commits to Responsible (see page 78)
a policy of anti-discrimination Investment (PRI)
and to male/ female equality
among its staff
OUR APPROACH TO
SUSTAINABILITY
SCOR’s vision
OUR EMPLOYEES IDENTIFIED THE FOLLOWING THREE GOALS
AS BEING LINKED DIRECTLY SCOR’S RAISON D’ÊTRE
FOR A SUSTAINABLE
FUTURE
GOOD HEALTH
As a Tier 1 reinsurer, SCOR has a responsibility to ensure AND WELLBEING
progress towards the UN’s Sustainable Development Through its Life and Health
business, SCOR is constantly
Goals. SCOR employees are driving the Group’s course working to close protection
gaps, reduce vulnerability
as we work to integrate sustainability at all levels among communities and
individuals, and promote CLIMATE ACTION
of the business. prevention and healthy
Complementing the
priority SDGs that
lifestyles. SCOR actively supports the transition
SCOR employees have
to a low-carbon economy and is
identified, SCOR further
committed to delivering on its
draws upon the entire
pledge to become net zero on all
Sustainable Development
In 2015, the Member States of the United To ensure that these commitments are shared widely its activities by 2050. The Group’s
Goals framework to
Nations agreed on 17 Sustainable Development by everyone at SCOR, in 2021 the Group asked own Sustainability Policy reflects
support its operations
Goals (SDGs) as the next step after the Millennium OneSCOR focus groups to identify the SDGs most our longstanding and ongoing
and underwriting and
Development Goals. The SDGs represent an urgent relevant to their work and to which they felt they could commitment to enabling climate
investment strategies, in
call for all countries – developed and developing make the greatest contribution as individuals and as resilience, providing a framework for
particular the following
– to take further action for a sustainable future by reinsurance professionals. managing our environmental impact,
QUALITY EDUCATION key priorities directly
2023 and they have proven useful in orienting as well as a strategy for addressing
related to natural
companies’ strategic approach to sustainability. the risks and opportunities posed by
SCOR encourages community assets: clean water and
They acknowledge that ending poverty and other climate change. We also work with our
engagement among our sanitation (SDG #6),
deprivations must go hand-in-hand with strategies clients and other companies to enact
employees, who see education sustainable cities and
to improve health and education, reduce inequality, climate friendly business practices
as a fundamental asset in communities (SDG #11),
and spur economic growth – all of this while tackling by encouraging transition plans,
the fight against poverty. climate action (SDG #13),
climate change and working to preserve our oceans, educating stakeholders, and fostering
By thinking and acting locally life below water (SDG
forests, and other natural resources. conversations and accountability
– both as a business and as #14), and life on land
around climate change.
SCOR, a longstanding member of the United Nations individuals – SCOR helps (SDG #15).
Global Compact, joins other businesses in affirming to build resilience and
that the SDGs are reflected in our mission and vision. fulfill potential among
The Group has also contributed to the formulation the communities we
of the Principles for Sustainable Insurance and serve. We also believe
adheres to them closely, as well as to the Principles that our industry has
for Responsible Investment. a key role to play in
educating the public
about the importance and
mechanisms of insurance.
32 33 ACTIVITY REPORT 2022 OUR PEOPLE
All of our knowledge, our expertise,

and our passion for protection
come from SCOR’s greatest asset:
our people.
34 SCOR’s human capital, a key asset
36 Multicultural competence
as an enabler
38 Investing in our people
40 SCOR for Good
our
PEOPLE
SCOR’S
HUMAN CAPITAL, INTERVIEW Céline Louvet
a key asset
GROUP HEAD OF TALENT
MANAGEMENT AT SCOR
SCOR is committed to attracting, promoting, and

retaining the best minds in the reinsurance industry – WHAT IS ONESCOR AND OneSCOR was launched in This collaborative mindset brings
actuaries, data scientists, underwriters, risk modelers, WHAT DOES IT MEAN FOR
SCOR EMPLOYEES?
2021 and was a very deliberate
step toward putting our people
together a very diverse world
of experts, fostering innovation,
engineers, and others – and ensuring a work environment first. It is the embodiment of
SCOR’s company culture and
partnerships, and knowledge
sharing and acting as a driver for
where they can thrive and grow professionally. our employees’ values: deep a very creative, supportive, and
connections, thriving minds, work stimulating work environment.
towards a better tomorrow, and
being fit to perform sustainably.
The Group’s global, harmonized human benefits. We support our employees’ physical and
resources strategy revolves around our Working mental wellbeing with trainings, conferences, events,
Well Together program, which is supported by three and other initiatives to raise awareness of healthy
pillars and helps to foster a working environment lifestyles and self-care. HOW DOES SCOR RETAIN At SCOR, we foster a work of SCOR employees participated in
where inclusivity is the norm, wellbeing is prioritized, AND GROW ITS TALENT? environment that prioritizes nearly 50,000 hours of training.
and employees find fulfillment: learning and professional growth Another important factor is
3. COMMUNITY ENGAGEMENT at all levels – from our interns the Group’s compensation
to our senior management. The policy, which rewards individual
SCOR employees have voiced their desire to make a
1. DIVERSITY AND INCLUSION difference in the world – not just through their work
appointments made during 2022 performance in accordance with
demonstrate our commitment to best market practices and is
but also through their actions. SCOR for Good is an
At SCOR, our ambition is to be an actor of change helping our employees advance in designed to involve key employees
employee-driven program that allows employees
for a more inclusive tomorrow. With employees from their careers. in the Group’s medium- and long-
to volunteer a portion of their working hours for
approximately 65 nationalities working in our offices Our flat, matrix organization gives term development.
community engagement.
around the world, SCOR is an inherently diverse employees the opportunity to And, finally, as I mentioned before,
company. We believe that people are at their best participate in a variety of projects our OneSCOR culture plays
when they feel comfortable to fully be themselves and assignments, growing their an important role in ensuring
and fostering such an environment is one of the goals ONESCOR – A WAY OF BEING networks beyond their direct employee satisfaction and goes
of our OneSCOR culture. teams and providing mentorship a long way toward employee
All of these values are embodied by our OneSCOR
opportunities from colleagues at retention. OneSCOR fosters
SCOR prioritizes equal oppor tunities and culture, a culture of connection and cooperation
all levels of the organization. Our not only the collaborative work
respectful treatment in recruitment, evaluation, across func tions, lines, and business units.
multicultural mindset encourages environment that our employees
professional development, compensation, and talent OneSCOR’s active feedback loops are designed
collaborative projects among value so much but it also ensures
management. to ensure each employee has a voice and is able to
global teams and we further a diverse, inclusive, and engaged
realize their full potential.
emphasize learning and growth workplace where employees feel
As the OneSCOR journey unfolds, we will continually through programs such as SCOR confident and motivated to bring
2. QUALITY OF LIFE revise our ambitions, relying on the creativity, energy, University, One SCOR Institute, and their best selves •
AND WELLBEING AT WORK and talent of our people to make the most of our Knowledge.com. In 2022, over 75%
contribution to societies and the environment.
SCOR supports opportunities for continuous learning
and career advancement, while also encouraging a
healthy work-life balance, parental leave, and other
MULTICULTURAL
COMPETENCE INTERVIEW Sabrina Kruse
as an enabler GROUP HEAD OF DIVERSITY,

INCLUSION, AND ENGAGEMENT
SCOR embraces diversity in its broadest sense,

recognizing that every person is unique. We believe HOW DOES HUMAN A good HR strategy is necessary to foster social resilience
that by encouraging our employees to be authentic we RESOURCES SUPPORT
SUSTAINABILITY AT SCOR?
a sustainable strategy: the through our business.
first step in contributing to We pride ourselves on being
can help them achieved their full potential, and in doing sustainable societies is ensuring a diverse organization with
our employees’ wellbeing. If our
so can support our ability to grow and succeed in our employees have a healthy work-life
employees from countries and
cultures that span the globe.
business goals. By valuing our differences, we become balance and a work environment
where they feel confident to be
Our inclusive and collaborative
OneSCOR culture recognizes that
stronger, perform better, and enjoy ourselves and our themselves, we can champion
the collaboration and innovation
our unique perspectives are our
greatest strength.
work more fully.
WHAT IS SCOR’S Our D&I strategy is Educate is about continuous
STRATEGY FOR DIVERSITY, articulated around three learning to cement a corporate
Education and awareness are key to removing bias. SCOR is EQUITY, AND INCLUSION? cornerstones: connect, educate, culture in which inclusion is the
convinced that a positive work environment can contribute to a better
and act. Connect refers the norm. We believe in the value of
and more inclusive future, removing hurdles to equal opportunity while
collective effort to create a showcasing and celebrating the
promoting respect, courage, empathy, support, and emotional intelligence.
work environment that is free of diversity of our experiences.
prejudice and discrimination, Act refers to how we articulate our
where every colleague can commitment to creating tangible
22%
Proportion of women
thrive and has access to equal
opportunities. Within the
impact with an ambitious action
roadmap. Robust measurement
SCOR employees’ SCOR employees’
on the Executive by geography by gender OneSCOR culture, the SCOR and analysis of key diversity
Committee Inclusion Global Network (SIGN+) and inclusion metrics inform
42.8%
and other employee-led groups our decisions and quantify
58% organize events and promote our progress and SCOR continues
16% EMEA dialogue throughout the year to take key actions towards the
Proportion of women APAC to engage employees through hiring, inclusion, and development
on the Board awareness-raising events and story of under-represented talent
of Directors telling to create an environment groups such as women, young
that is supportive to all. professionals, or people with
47% 53% disabilities.
26%
Americas
W M
WHAT DRIVES YOU I come from a multicultural my life who have enabled me to
PERSONALLY AS HEAD OF background. I have experienced access opportunities, and this has
DIVERSITY, INCLUSION, the best of what diversity can bring, taught me the power of advocacy.
Figures as of December 31, 2022. AND ENGAGEMENT? as well as the negative impacts My position at SCOR helps me
associated with lack of inclusion. to pay this forward, promoting
I have been lucky to have found inclusive practices and an
sponsors and mentors throughout equitable working culture •
Investing
IN OUR PEOPLE
SCOR believes that ensuring quality of life and wellbeing
at work are essential. To retain talented employees and
facilitate an improved work-life balance, SCOR promotes
a work environment free from discrimination and
harassment, where diversity and inclusion are the norm,
and employees have ample opportunities to learn
and advance.
WORK-LIFE BALANCE assistance program for employees and their families
is provided in each of the Group’s locations and
SCOR’s commitment to wellbeing at work has local wellbeing weeks and mental illness prevention
We encourage our employees to strike a the Group based on their personal aspirations and only gained momentum as the global health crisis initiatives are hosted throughout the year.
healthy balance between their professional and the needs of the company. With their manager’s transformed working environments and methods
The Good Life mobile health application, developed
private lives and to take days off and disconnect guidance, employees identify specific development across the globe. We reinforced measures to
by SCOR Life and Health’s actuarial teams, supports
as needed. SCOR has put in place an alert procedure objectives and the corresponding training actions protect the physical and mental health of each
employees’ physical health by offering connected
that prompts employees to report any situation that that will help them reach these goals. SCOR employee. To make the transition to hybrid
sports challenges, some of which have a charitable
could compromise their health or safety. working a success SCOR University offers regular
SCOR’s internal learning and development reach. It also helps employees better understand
training sessions and to date, more than 1100 Group
ecosystem offers courses and learning resources stress reduction, positive sleep habits, and good
employees have participated. We continue to
that align with the company’s business needs and nutrition.
DEVELOPING EMPLOYEES’ strategic goals. They offer employees opportunities
prioritize a balance that ensures optimization of
time spent in-office to prioritize collaboration and
POTENTIAL to learn not only hard skills relevant to the
mitigates the risk of isolation, while also offering the
(re)insurance industry but also to grow soft skills such FOSTERING SOCIAL DIALOGUE
flexibility that is so valuable to work-life balance.
We foster employees’ expertise, knowledge, and as leadership, collaboration, communication, and
One of SCOR’s ambitions is to establish coherent
advancement opportunities to support their growth agile working. Knowledge.com serves as a platform
and harmonized social dialogue aimed at sharing
and development throughout their career. A range for employees to share industry knowledge and PSYCHOLOGICAL AND PHYSICAL the Group’s main principles with all employees. As
of policies and tools have been implemented to this insights gained through their work.
end.
WELLBEING AT SCOR a European Company (Societas Europaea), SCOR
Employees also have the opportunity to lead internal has set up the Common European Companies
The Annual Performance Review gives employees sessions on business or ESG subjects they believe In 2022, SCOR increased the emphasis on mental Committee, comprising employees from all European
annual objectives, customized feedback, and a will benefit their colleagues. In 2022, more than 50 health among employees, designing – through SCOR subsidiaries. The CECC is regularly informed of
concrete appraisal of their contribution each year. SCOR Internal Talks covered subjects ranging from University – two special training programs to help the Group’s economic and financial outlook and
A second annual meeting, the Annual Professional deforestation, hydrogen energy, and longevity to acquire skills for better mental health conversations, is consulted on all proposed measures likely to
Interview and Career Conversation, encourages agile and language modeling. identify ill-health symptoms early, and seek/offer affect the interests of employees in the European
employees examine their career prospects within appropriate support. In addition, a psychological countries •
SCOR FOR GOOD THE VOICE OF

OUR VOLUNTEERS
and our employees’

engagement
As a socially responsible company, SCOR believes that
the protection and welfare of society is not just part of Pape Top Ye Liu Christina Pillay
our job, it’s part of who we are. And we believe that each Senior P&C Reserving Actuary & Catastrophe Risk Manager Political and Credit Risk Analyst
Cofounder of On Remplit Le Frigo & SCOR for Good Champion & SCOR for Good Champion
one of us can make a difference. PARIS HONG KONG LONDON
Motivated to help Parisian students Having served as a SCOR for Good In December 2021, Living On,
particularly hard hit by the Covid-19 Ambassador in Hong Kong since a charity that supports children
129
local initiatives with impact
SCOR for Good is our Group-wide Community
Engagement program that empowers our
pandemic, Pape Top cofounded
On Remplit Le Frigo (We fill the
2020, Ye Liu helped to organise
several local initiatives in 2022,
through the loss of a parent or
grandparent, was chosen as SCOR
employees around the world to spend time Fridge) in March of 2021. In May including a Climate Fresk workshop London’s “Charity of the Year.”
reported on the platform
contributing to the resilience of their local 2022, SCOR was able to support during SCOR’s Engagement Month Local SCOR for Good initiatives
communities. Two and a half years after the launch a distribution day at the Paris in June. focused on supporting Living On
23%
of SCOR for Good, our impact is only growing. headquarters where two tons of throughout 2022.
“The Climate Fresk workshop
nutritious food and essential goods
In 2022, SCOR for Good orchestrated a global was one of my favorite initiatives “Living On does amazing work
of employees engaged were given out.
fundraising campaign and donated more than in 2022. It was timely, fun, and by raising awareness about the
EUR 300,000 to support the Ukrainian population. “As the P&C Reserving Actuaries also meaningful as the team importance of discussing grief,
2022
+26%
We also launched our first ever Engagement had not met for three years brainstormed on immediate alongside running training sessions
Key Highlights Month to encourage employees to use their annual due to Covid-19, we wanted to action points to save the planet. for schools and grief groups for
of engagement from around community engagement day to give back to their organize something impactful Engagement opportunities like this children and their families to attend
in field volunteering local communities through in-the-field volunteering. in the framework of the SCOR help us connect and bond, while to support them with managing
the world More than 700 employees spent 2388 hours
compared to 2021 Engagement Month. We were able working toward a better future. their emotions and dealing with
working on more than 50 initiatives during SCOR’s to help over 120 students and the The rewarding feeling you get their loss. I think it is imperative
Engagement Month alone. distribution was fully funded by from working on these initiatives to have opportunities like this
90+ SCOR for Good and P&C Reserving

and Modeling teams. I have always
together is irreplaceable.” available through SCOR for Good.
It shows that the company cares
charities
supported
been sensitive to using my personal
time to help people in need as
but, more notably, gives staff
more purpose to get involved
much as possible, so working for in something that they consider
a company who fully supports important beyond the requirements
initiatives such as On Remplit of their day-to-day roles.”
3855 hours
volunteered
Le Frigo is very important to me.”
42 43 ACTIVITY REPORT 2022 OUR RISK
KNOWLEDGE
SCOR’s understanding of risks and

opportunities is built on a strong
foundation of risk knowledge
and scientific research.
44 The Art & Science of Risk
46 When risks are opportunities
48 Understanding the expanding

risk universe
50 Key emerging risks
56 A foundation for science
our
60 Re-imagining tomorrow
RISK
KNOWLEDGE
KNOWLEDGE
The Art & Science

OF RISK
At SCOR, The Art and Science of Risk is much more
than a tag line – it is the heart of our business.
We leverage the risk expertise and know-how of
our employees to offer protection and resilience
to our clients and communities.
As reinsurers, risks are the raw material of our P A Risk Appetite framework, which defines the
business and understanding them is crucial to quantity and type of risks that SCOR is willing to
the success of the company. While SCOR needs to accept and sets exposure limits to these risks.
manage its risk profile, risks represent opportunities
P The Enterprise Risk Management framework,
to develop new insurance products that can help to
composed of various risk management
support our clients and, by extension, society.
mechanisms, which ensures that the risk profile
The risk landscape is becoming increasingly complex is optimized to maximize shareholder value
and interconnected. Therefore, SCOR takes a holistic while remaining aligned with SCOR’s defined P Risk Tales – case studies of company failures – are
approach to any new risk subject, by analyzing the risk appetite. SCOR’S RISK CULTURE shared with staff to illustrate what can go wrong
possible scenarios from all angles and from different when risk management mechanisms don’t work
The Risk Appetite Framework is an integral part
perspectives. For example, sustainability risks can Risk management is not only about tools, analysis, properly.
of SCOR’s strategic plan and aims to strike the
interact with SCOR’s risk profile to create challenges and reporting; it is also about SCOR’s people and
appropriate balance between the risk profile of P The performance review process includes an
to profitability and/or reputation, while at the same their awareness of and attitude to risk. Therefore,
the company, the amount of available capital, and Enterprise Risk Management (ERM) objective
time providing new opportunities for (re)insurers to a healthy risk culture is encouraged throughout
profitability. SCOR’s risk management mechanisms for every staff member.
develop products that provide the financial support the entire Group and everyone is expected to
comprise tools to identify, assess, and manage or
that is necessary to transition towards a cleaner, be aware of risk-related issues. This includes the
mitigate risks. Risk identification tools include risk
greener economy and society. consequences of employees’ actions and day-to-day PROMOTING RISK-RELATED
dashboards, which provide concise reporting on
activities. A number of initiatives build awareness
SCOR’s risk profile and external risk environment, KNOWLEDGE
RISK MANAGEMENT AT SCOR and understanding:
in addition to in-depth analyses on specific risk
themes. Risk assessment tools include SCOR’s system P SCOR’s Emerging Risk Assessment Group is open Better risk knowledge means better risk management.
SCOR’s risk management system is designed to
for monitoring its exposure to major assumed risks to all staff across SCOR. At SCOR, we work to foster knowledge sharing and
manage all of the risks that the company faces. These
such as natural catastrophes, or L&H risks, such as scientific research through internal working groups,
include, among others, the risks that we carry via our P All staff are encouraged to participate in the
mortality and longevity. Finally, risk management supporting scientific research through the SCOR
Property and Casualty and Life and Health underwriting identification of new and emerging risks.
and mitigation tools include SCOR’s solvency scale, Corporate Foundation for Science, and partnerships
businesses, the risks associated with our invested assets
which sets an optimal target range for SCOR’s level P SCOR’s Operational Risk and Control Assessment with other risk and insurance organizations such as
portfolio, the company’s own operational risks, as well
of capitalization, with defined management actions tool allows senior management to reflect on the CRO Forum. In these ways, we aim to identify
as strategic risks. The identification and assessment
in the case of deviations from this range. SCOR’s operational risks in their respective areas of and benchmark good practices, so as to reinforce
of emerging risks (see page 44) is an integral part of
capital shield strategy provides risk mitigation responsibility and to share risk assessments with robust risk management in our own business and
SCOR’s risk management system which is composed
through various mechanisms put in place to protect risk management. throughout the (re)insurance ecosystem •
of two interconnected parts:
the company’s capital.
INTERVIEW Fabian Uffer
KNOWLEDGE
CHIEF RISK OFFICER
WHAT DO WE MEAN The (re)insurance A core part of SCOR’s work

WHEN WE SAY THAT industry’s business model therefore entails understanding
RISKS ARE SCOR’S RAW involves accepting, pooling, risk – both in terms of being
MATERIAL? and transferring the risks that able to quantify the risks that we
individuals and businesses are exposed to and in terms of
judge that they cannot afford to understanding how the broader
be exposed to. By charging a risk landscape could interact with
premium to accept these risks and our risk portfolio to create new
setting a portion of this aside to threats. Developments in the
pay for them in the case of claims, risk landscape (e.g. the energy
the (re)insurance industry provides transition, new technology)
an essential service contributing to could also provide opportunities
the financial resilience of society. to develop new (re)insurance
products.
DOES THAT MEAN THAT SCOR would not consider all Where risks are less mature, we
ALL RISKS SHOULD risks as an opportunity. SCOR take a cautious approach in how
BE CONSIDERED AN has a risk appetite that defines we underwrite them. In addition,
OPPORTUNITY? both the quantity and types of risks there are other risks that SCOR is
that we are prepared to accept. exposed to – and must manage
SCOR’s risk portfolio is therefore – but that aren’t part of SCOR’s
weighted towards P&C and underwriting portfolio. These
L&H underwriting risks. Within include the risks associated with
these domains, we choose to our invested assets portfolio and
underwrite risks that we can master. the company’s operational risks.
ARE THERE SOME RISKS (Re)insurance relies such as insurance pools (whereby
THAT ARE UNINSURABLE? on the principles of risk many insurers pay into a common
pooling, quantification, and fund in order to pay the claims
diversification. If one of these for certain high-cost risks) or
criteria is not fulfilled, a risk may government-backed reinsurance
be labelled as “uninsurable.” This schemes (with the government
is the case when a risk is systemic guaranteeing to pay the claims
in nature and/or global in scale. over a certain threshold for high-
In such a situation, other solutions cost perils) can be employed.
WHY IS IT IMPORTANT I think there are two aspects Referral process, and the ERM
WHEN RISKS ARE

FOR SCOR TO HAVE AN to this. The first is the dialogue that objective that is part of the annual
OPEN DIALOGUE we need to encourage around risk performance review.
ABOUT RISK? within the company. This is what The second part is the dialogue
we refer to as maintaining a healthy that we engage in with other
opportunities “risk culture,” which is about

sharing insights on the different
kinds of risks that SCOR is exposed
to and fostering an active dialogue
on risk taking. We have different
members of the insurance industry
– this could be with our clients, or
as part of industry working groups
such as the Chief Risk Officers
Forum. Such dialogue builds
kinds of initiatives and processes to understanding of new risks and
support this, such as the Emerging helps to reinforce industry best-
Risks Assessment Group, the Risk practices •
KNOWLEDGE
  The radar highlights the interconnections among the identified trends and risks, as well as the likely
time horizon over which these risks will materialize and the potential severity of their impacts on SCOR.
GLOBAL CLIMATE CHANGE SHIFTING SOCIAL
EVOLVING HEALTH TRENDS
AND GEOPOLITICAL
Climate change will impact the LANDSCAPES
New scientific and technological Potential impact for SCOR Likelihood of occurrence in the next 10 years: High Medium Low
global economy, geopolitical
breakthroughs in disease prevention
stability, resource availability, Increasing wealth Highly critical
diagnosis and treatment are likely
the health of ecosystems, and inequalities, the Critical
to lead to improvements in human
human health. Climate risks include weakening of Low critical
longevity. However, other factors Endocrine
physical risks such as more frequent international governance disruptors Anti-
such as climate change, biodiversity microbial
and severe natural catastrophes, and cooperation, NEW RISK Climate resistance
loss and pollution, the trend towards engineering
transition risks as society moves and the impacts
increasingly sedentary lifestyles,
toward a future net zero carbon of climate change Medication
poor diet, and substance abuse, Plastics abuse
economy, and legal risks that could and environmental & micro Genetic
all pose risks to human health. plastics testing
result from a failure to adequately degradation could all Permafrost
generate social and thawing Biodiversity Non-
address the climate crisis. loss controlled bio-
geopolitical instabilities.
At the same time, new business
opportunities are arising from the  Geopolitical tensions Emerging
Mental
health
experiments
are increasingly playing infectious Evolving

adoption of renewable energies Declining diseases terrorism
and to support new technologies. CHANGING DEMOGRAPHICS out in the technology, land Legal &
availability Air pollution regulatory
information, and digital uncertainty
Developed countries with low spaces, threatening Extreme
birth rates, aging populations, and personal, corporate, Mis/ social
SCOR’s
 increasing longevity will need to
consider innovative ways to mitigate
and governmental data
Shortage Water Main
Disinforma-
tion
unrest Synthetic
biology
and infrastructure of rare pollution Stranded Risks NEW RISK
NEW RISK
DETERIORATION the decline in working-age populations security. materials assets Global Climate Change
OF THE ENVIRONMENT and address the additional strain
Skills Deterioration
on pension and healthcare systems. shortage of the Environment
EU
Environmental deterioration caused Meanwhile, in many developing Climate Large cyber break-up
change attack
by human population expansion, and middle-income countries, the litigation Radio- Evolving Health Trends
frequency
pollution, and the unsustainable middle classes are expected to grow fields
Changing Demographics
use of resources, poses a major rapidly and increasing rural-to-urban Blockchain
threat to continued life on Earth. migration could place additional strain Artificial
intelligence Autonomous Shifting Social and
Essential ecosystem services that on infrastructure. Climate change, NEW RISK vehicles Geopolitical Landscapes
Metaverse Nano-
maintain the global availability of environmental deterioration, and technology Space Emerging Technologies
risks
freshwater sources, clean air, fertile social and geopolitical trends will NEW RISK
soils, nutritious and varied food likely contribute to further migration Severe
power Hyperconnectivity
sources, and other essential raw of people both within and between blackout
New Business
materials are at risk. countries. and Finance Models
Impact and likelihood based on the worst-case scenario assessed
SCOR’s Emerging Risks Radar shows the relationships

among Risk Trends – long term patterns – and Emerging 
EMERGING TECHNOLOGIES
Risks – some of the consequences of these Trends. HYPERCONNECTIVITY NEW BUSINESS
AND FINANCE MODELS
Innovative technologies Hyperconnectivity results
have the potential to disrupt from the rise in the cyber Consumers’ evolving needs are
UNDERSTANDING
industrial development, dependency of individuals, being met with disruptive business
production, and entire critical infrastructure, models like “freemium,” on-demand,
business value chains due and organizations. subscription, and limited free
to, for example, gains in Hyperconnectivity can offering/trial models. Meanwhile,
efficiency and cost. Break
THE EXPANDING
facilitate social activities, the sharing economy sells limited
throughs in automation, access to healthcare, and access-over-ownership rights and
artificial intelligence, virtual new ways of working; “digital ecosystems” successfully
and augmented reality, and however, it has also lock customers into their full range
“Big Data” could also lead resulted in the heightened
risk universe
of offerings. In the world of finance,
to complex ethical issues vulnerability of society to business models are moving from
including discrimination increasingly sophisticated closed systems to crowdsourcing,
resulting from undetected cyber-attacks. open innovation, and open-source
algorithm bias.
platforms.
KNOWLEDGE
BIODIVERSITY LOSS PLASTICS AND MICROPLASTICS

Earth’s biological diversity is declining in Plastic pollution is now widely recognized
every region of the planet due to human-exerted as an environmental catastrophe with serious
pressures, threatening to significantly reduce the implications for human health. Plastic waste is
ability of ecosystems to deliver the essential services highly resistant to biodegradation. Around 70% of
upon which life on Earth depends. Ecosystem all plastics ever produced has been discarded and
services operate at a variety of scales, from global is either landfilled or lost in the natural environment,
to individual. The services provided by biodiversity including an estimated 30 million tons of plastic
are invaluable: they include climate regulation; pollution in the seas and oceans(2). To put this into
air and water purification and supply regulation; context, this is the same weight as approximately
nutrient cycling and the maintenance of fertile soils; 150,000 adult blue whales, the largest animal on the
provision of essential raw materials such as food, planet.
fibers and novel medicines; and disease regulation.
Biodiversity also provides a wealth of cultural services
to humankind, ranging from spiritual and aesthetic
value to recreation and ecotourism.
The World Wildlife Fund’s 2022 Living Planet Report
cited an average 69% decline in the diversity of
monitored vertebrate wildlife populations between
1970 and 2018. Plants, fungi, and soil organisms are
much less well studied, but it is currently estimated
that just under 40% of plant species are threatened
with extinction(1). Insects, including many pollinating
species, have also been shown to be declining rapidly
– in numbers, diversity, and distribution – in recent
years.
Potential direct consequences of biodiversity losses
KEY EMERGING for the (re)insurance industry include impacts on Life

and Health portfolios due to possible declines in
human health and wellbeing over time. Such declines
risks
in health and wellbeing could occur through various While large pieces of plastic pollution have visible
mechanisms, including via decreased food quantity impacts on the environment and wildlife, plastic can
and nutritional quality, declining mental health, and also be degraded into microplastic (plastic particles
changing the inter-species dynamics that control ≤5mm) and even smaller nanoplastic particles over
the spread of infectious diseases. Biodiversity loss time, entering all compartments of the natural
can equally impact catastrophe exposure through environment and accumulating in the food chain.
the reduction of flood-protecting habitats, such as
Among the emerging risks SCOR’s experts identified
The persistence of micro and nanoplastics in the
coral reefs, sand dunes, and mangrove forests, and environment is the main driver for concerns around the
through the degradation of key ecosystems such as lasting ecological impacts and potential downstream
in the Emerging Risk Radar, these risks are worth the Amazon rainforest that play an important role in health effects due to accumulated exposure.
examining in more detail, either in terms of the potential climate regulation. Although the impacts of microplastic exposure on
human health are not yet fully understood, it is known
scale of their impacts or the novelty of discussion that microplastics can absorb and emit chemicals that
have been shown to cause endocrine disruption and
around them. (1) State of the World’s Plants and Fungi, 2020. Royal Botanic Gardens, Kew.
(2) Plastic pollution is growing relentlessly as waste management and
cancer. Recent epidemiological studies on animals
recycling fall short, says OECD.
(3) The Price of Plastic Pollution - Social Costs and Corporate Liabilities. The
Minderoo Foundation, 2022.
KNOWLEDGE
30 million
estimated tons of plastic
pollution currently in the seas
and oceans
have shown evidence of gastrointestinal disorders mental health. On the Life and Health side, mortality
related to micro and nanoplastic ingestion and the and morbidity covers could be impacted, due to a
body of research into the links between microplastic downward trend in mental wellbeing that in turn
pollution and adverse human health effects is contributes to chronic conditions and increasing
growing rapidly(3). Regarding other health impacts, it suicide rates. Operational impacts are also possible
is already known that a number of chemicals that can due to lost productivity and/or staff absences.
be added to macroplastics during manufacturing,
including Phthalates and Bisphenol-A, have
endocrine-disrupting properties in humans. MIS/DISINFORMATION
For the (re)insurance industry, microplastic pollution
There is an increasing body of false
could negatively impact human mortality and
information sources in public circulation and the
morbidity. For Property and Casualty lines, liability
ease and speed with which such information can
exposure to plastic pollution could occur through
be created and disseminated is being facilitated by
General and Employers’ Liability, Environmental
the availability and use of digital technologies and
Liability, and Directors & Officers lines. Up until
social media platforms. False information sources
recently, proving the link between ubiquitous
can be referred to either as “Misinformation” or
plastic pollution and a single manufacturer or source
“Disinformation.” Misinformation can be defined as
has been challenging but necessary to trigger SKILLS SHORTAGE and potential losses resulting at a later stage from “false or out-of-context information that is presented
liability coverages. However, there are ongoing
poor workmanship during reconstruction. For Life as fact, regardless of an intent to deceive,” whereas
developments in the area of legal causation theory,
Skills shortages are growing across various and Health business, a shortfall of skilled doctors, “Disinformation” is “a type of misinformation that
particularly in the US where there is currently a
industry sectors, most notably in the fields of nurses, and caregivers could have negative impacts is intentionally false and designed to deceive or
number of legal cases in progress involving large
engineering and medicine. Retirement waves, on morbidity and mortality or lead to liability claims. mislead.”
plastic manufacturers and their role in environmental
combined with advances in technology and
plastic pollution and its consequences. False information sources include fake news and
the aftermath of the Covid-19 pandemic, are all
MENTAL HEALTH spurious information circulated on social media, in
contributing to increasing skills shortages and a
addition to more sophisticated “deep fakes” (e.g. AI-
tighter labor market.
Human beings can only thrive when both enabled simulated audio or video content). Such false
This poses operational risks for (re)insurers as the physical and mental health are stable and content can be used for fraud, to harass individuals/
industry is reliant on highly skilled workers from many safe. Mental health issues can be both transient sections of society, defame social groups, blackmail
backgrounds (e.g., actuaries, medical experts, risk and permanent and may be caused by internal organizations, or to destabilize democratic systems
engineers, disaster response experts, loss adjusters) or external factors. There is a well-established and markets.
to model risks, give scientific opinions, to safeguard interaction between mental and physical health;
For the (re)insurance industry, disinformation
people and premises, to minimize loss potential and mental problems can cause physical problems that
used for social manipulation could both impact
contain claim costs, and to rebuild after catastrophe can, in some instances, become very severe and in
the development of major events (e.g. the Covid
events. Such a lack of skilled workers could also result its extremes can result in disability or – in the case
pandemic) and also destabilize democratic systems
in inflated or more frequent claims, which may only of suicide – even death. Untreated mental health
and generate social unrest (e.g. the US elections in
be noticed with some latency and thus limit the problems can also lead to long-term negative
2016 and 2020). Deep fakes could also be used in
possibility to directly attribute costs to a particular impacts on work performance and on the functioning
more sophisticated fraud attempts, and these, in
skills gap. of communities and, therefore, of societies.
addition to other forms of mis/disinformation, could
Further impacts for the insurance industry could For the (re)insurance industry, liability covers (e.g. lead to reputation and liability risks. More generally,
include longer business interruption periods, Employer’s Liability, D&O) may experience an objective and trustworthy information sources of
inadequate disaster response (for example, through increase in claims if employers are found not to have all kinds – which are essential for the (re)insurance
shortages of first responders such as fire-fighters), exercised sufficient duty of care over employees’ industry – may be more difficult to find.
KNOWLEDGE
CLIMATE ENGINEERING be executed on a smaller scale by single countries,

with possible negative implications for neighboring
Climate engineering – also known as countries, which may create or worsen tensions and
“geoengineering” – is the deliberate large- thus heighten geopolitical risks. Climate engineering
scale intervention in Earth’s natural systems to may also have major downstream impacts due to the
counteract climate change. Generally, climate currently unknown consequences of implementing
engineering can be grouped into two main categories. these techniques. Indirect consequences may
The first is Solar Radiation Management, which aims include negative impacts on biodiversity, freshwater
to reflect a portion of the Sun’s energy back into and ocean resources, and climate change.
space by enhancing the Earth’s natural albedo (or
Another concern is that implementing these
reflectivity), using space reflectors, or stratospheric
techniques may create complacency and distract
aerosols. The second category is Greenhouse Gas
from the necessary actions to tackle climate change
Removal which aims to remove carbon dioxide or
by halting greenhouse gas emissions. Climate
other greenhouse gases from the atmosphere.
engineering should thus be seen as a short-term
Examples are afforestation, bioenergy with carbon
mitigation, rather than a long-term solution to
capture and sequestration (BECCS), ambient air
addressing the global climate challenge.
capture, and ocean alkalinity enhancement. In
addition, short-term techniques to modify weather
also exist and include cloud seeding, which aims to METAVERSE
artificially produce precipitation by injecting clouds
with certain chemicals, such as silver iodide. The “Metaverse” – a contraction of the Greek
word “meta,” meaning “beyond,” and “universe”
Most climate engineering techniques require
– is a virtual reality space that promises to
large-scale implementation on a global level to
revolutionize the way people live. The Metaverse
counteract the current impacts and ongoing drivers
has been described as “an immersive and constant
of anthropogenic climate change. This requires
virtual 3D world, where people can interact through
alignment across countries, dedicated financial
an avatar to enjoy entertainment, make purchases
resources, and international regulatory oversight.
and carry out transactions with crypto-assets, or work
However, some types of weather modification can
without leaving their seats.” The evolution of the Metaverse is a product of the possible via the use of “digital twins” (e.g., of cities),
converging trends of a decentralized economy, the have huge potential to improve risk selection, risk
massive expansion and acceptance of social media engineering, and pricing.
and digital social lives, the convergence of new
However, as with all nascent technologies, there
and existing technical capabilities (e.g. blockchain/
are also risks to consider. Risks associated with the
Non-Fungible Tokens, 5G, AI, Machine Learning,
Metaverse include the potentially negative impacts
Augmented/Virtual Reality), and major investment
on human physical and mental health, such as
from key players such as tech giants. Digital products
increasing sedentary lifestyles and detachment from
are already being bought and sold on Metaverse-
“reality.” Broader threats stem from a current lack of
like platforms, although the next generation of the
regulation around many aspects of the Metaverse,
Metaverse – which promises an experience that can
including the collection and use of biometric data.
seamlessly integrate both the digital and real worlds
An augmentation of cyber threats due to increased
– is not expected to be developed and used fully for
attack surfaces, points of entry, and possibility for
another 10-15 years.
new types of crime like theft of digital assets and
Assuming that the Metaverse will play a major role in avatar fraud is another possibility. The potential of the
the future of human lives, it will be an important space Metaverse to effect large-scale social manipulation
for companies, including (re)insurers, to occupy. (for example, through the collection and misuse of
Opportunities for the industry include providing data determining attitudes and preferences or the
novel ways to interact and engage with clients and to more pervasive use of mis/disinformation) could also
advertise services, as well as by providing new ways undermine human rights, freedoms, and democratic
of working and training for both current and future processes •
employees. The Metaverse is also likely to create the
need for new forms of insurance to cover “virtual”
property and other assets. Providing more accurate
methods for risk underwriting through data-mining
huge new datasets, plus new modeling capabilities
KNOWLEDGE
A FOUNDATION FOUNDATION TIMELINE
for science Renewal of the SCOR-

Launch of a project to
model and forecast age-
specific death rates at Conference on “How will
TSE “Risk Market & Value
older ages, led by Marius Risk Modeling Shape the
The SCOR Corporate Foundation for Science lends Creation” Chair to support
theoretical and applied
Pascariu of the University Future of Risk Transfer,”
of Southern Denmark in partnership with the
its support to risk and (re)insurance-related projects. research at the Toulouse
School of Economics
and funded by the SCOR Geneva Association
It finances university chairs and specific research Foundation (completed)
projects, organizes conferences, publishes articles,

and sponsors scientific awards, including the annual 2011 2012 2014 2015 2016 2017
SCOR Actuarial Awards, a mark of excellence

in the (re)insurance industry. Creation of Conference on
“Rethinking Capital
Launch of a research
project to determine
the SCOR
Corporate Controls and Capital coastal risks and assess
Foundation Flows,” organised by future risk of assets in
for Science the CEPII and financed global coasts areas to
by the SCOR Foundation determine viable adaption
Founded in 2011, the SCOR Corporate P Global warming trends over the coming years: investments under extreme
Foundation for Science embodies the Group's Could the linear approach used by most sea level risk scenarios, led
long-standing commitment to research and experts be misleading, given that many natural Launch of a three-year by Professors Hans Renssen
the dissemination of risk-related knowledge. phenomena are evolving in a chaotic rather than study on the demand for and Jeroen Aerts of the
reinsurance, funded by
We believe that contributing to scientific research is a linear way? University Amsterdam
the SCOR Foundation and and funded by the SCOR
key to understanding risks as thoroughly as possible.
P Trends in earthquakes and volcanic eruptions: led in partnership with the Foundation (ongoing)
Therefore, the Foundation lends its support to various
Is it accurate to assume that these events are Fondation HEC Campus
kinds of risk and (re)insurance-related projects,
independent of each other and how might this Montréal (completed)
including university chairs, research projects,
change our understanding of corresponding risks? Creation of the SCOR-PSE
conferences, events, prizes, and publications.
P The increase in reinsurance liability costs, Microeconomic Risk Chair
The Foundation’s support for research covers a in partnership with the
particularly the cost of suffering.
broad range of social and economic areas, including Paris School of Economics
topics as diverse as climate risks and their insurability, P The measurement of risk aversion and how it is
coastal flood forecasting, and natural risks linked evolving. Development of the Global
to forage crops; modeling of life expectancy and Earthquake Forecasting System,
P The relevance of scenarios and stress tests
mortality, Alzheimer’s disease, pandemics, infectious led by Didier Sornette at ETH
developed in financial institutions.
diseases, and genetic research on Covid-19; Zurich and funded by the SCOR
meteorite risks; the predictability of earthquakes and P The long-term impact of the Covid-19 pandemic Foundation (completed)
behavior following earthquakes; motor insurance; and lockdown on economic activity, inflation,
pension funds; and best practice in risk modeling public finances, monetar y policy, health,
and management. longevity, social behavior (working from home, Conference on “Anticipation
etc.), education, skills, productivity, globalization, and Insurability of Climatic Risks”
For 2022-2026, the SCOR Foundation’s research in anticipation of COP21
and the location of sensitive activities.
efforts are focused in the following priority areas:
KNOWLEDGE
FOUNDATION TIMELINE THE POSEIDON PROJECT

The Poseidon project, a five-year research
Completion of project on Alzheimer’s disease (AD), began in
Satellite-based Forage 2018 and was finalized at the end of 2022.
Launch of the research project on Financed by the SCOR Foundation for Science
Insurance research “The effects of climate risks on
with the University through the Fondation pour la recherche sur
non-life insurer’s resilience,” led by
of Manitoba and Professor Georges Dionne of HEC
Alzheimer, the Poseidon Project enabled a research THE ONE HEALTH STUDY
funded by the SCOR team based in the Hospital Pitié-Salpêtrière (Paris,
Montréal and funded by the SCOR OF MONKEYPOX
Foundation France) to identif y diagnos tic biomarkers
Foundation (completed)
for Alzheimer’s and to define predictive algorithms
Monkeypox (MPXV) dominated headlines in
for progression of the disease in patients considered
early 2022 as the infection started to gain ground
at risk.
in countries far beyond its historic range on the
The project focused on patients with normal cognitive African continent, leading many people to ask if a
2018 2019 2020 2021 2022 performance, evaluating them for brain amyloid new pandemic would follow closely on the heels
load to explore the transition from “at-risk for AD” to of the global Covid-19 pandemic. By October,
“symptomatic AD.” The 318 subjects recruited had 71,000 monkeypox cases had been reported in 107
an average age of 76 years. Among these, 88 already locations worldwide, with 70,000 of those infections
had amyloid lesions in the brain and were therefore in countries that have not historically reported
Provided financial support Completion of the considered at risk of developing Alzheimer’s. The monkeypox.
for the development of Completion of a study on Poseidon Project, a five- remaining 230 subjects were amyloid negative and
risks of death at extreme year research project Monkeypox, an emerging Orthopoxvirus with
actuarial science in Tunisia were considered to be normal control subjects.
in partnership with Paris- old ages, led by Hoang on Alzheimer’s disease, a similar disease presentation to smallpox, is a
Dauphine University and Khanh Linh Dang’s of the financed by the SCOR The results showed that the risk of progression to zoonotic virus which can spread from person to
Institut Tunis Dauphine Institut National d’Etudes Foundation for Science Alzheimer’s among elderly subjects with subjective person. In 2018, the Worldwide Health Organization
Démographique and through the Fondation memory complaints and high amyloid load is low: designated monkeypox as an emerging disease
funded by the SCOR pour la recherche sur 17% over five years. This means that high brain requiring “accelerated research and development
Foundation Alzheimer amyloid load is not sufficient to diagnose Alzheimer’s and public health action.” Shortly thereafter, the
disease. SCOR Foundation announced its intention to
Creation of the SCOR- fund the AFRIPOX collaboration, an international,
Co-financing of the The results from the program support the proposition
MNHN Chair for research multidisciplinary research initiative spanning
Mines ParisTech of a more personalized approach to the disease.
in Biodiversity and epidemiology, anthropology, zoology, environmental
(re)insurance in partnership and the French For example, Alzheimer’s may progress differently
ecology, virology, and mathematical modelling
with the French Natural National Institute for in men and women. In addition, plasma biomarkers
investigating monkeypox.
History Museum Agriculture, Food may help to identify specific mechanisms involved in
and Environment’s the pathophysiology. This illustrates the benefit of a One of the key priorities was gaining a better
Geo-Learning Chair, multimodal approach, considering the characteristics understanding of where the virus was coming from
alongside BNP-Paribas, of each patient to permit a better targeted and in order to better understand how outbreaks were
Launch of the One Health Study of CCR (Caisse centrale individualized therapeutic strategy. starting. It was suspected that there was a single
Monkeypox: Human Infection, Animal de réassurance), and animal reservoir and the team set out to identify it.
This project could have important implications for
Reservoir, Disease Ecology and ANDRA (Agence
Diagnostic tools, led by Arnaud Fontanet nationale pour la the diagnosis and treatment of AD in the future and In 2022, the team released a report suggesting that
of the Institut Pasteur and funded by the gestion des déchets contributes a broader understanding that can be the most probable MPXV reservoir is Funisciurus
SCOR Foundation (ongoing) radioactifs)” used in future risk analyses. anerythrus, an arboreal squirrel whose habitat
overlaps the ecological niche of MPXV. Genetic
sequencing also seems to support this hypothesis.
These findings could be extremely important in
understanding and preventing future monkeypox
outbreaks.
This research project is expected to continue through
2024 •
KNOWLEDGE
Re-imagining
TOMORROW THE GLOBAL CONSUMER STUDY
ReMark specializes in understanding what
consumers want and need. A key element in
this undertaking is the Global Consumer Study,
Na Jia
With 39 years of experience in consumer insights, ReMark’s annual survey of consumer trends. The
Global Consumer Study has one aim: to help insurers
marketing campaigns, and InsurTech solutions, ReMark – empower consumers by creating sustainable,
mutually beneficial, and long-lasting relationships
CEO of ReMark
a SCOR subsidiary – is SCOR’s digital solutions provider, with the people they serve.
The 2022 study is based on responses from 12,728
covering the full consumer journey and helping insurers consumers in 22 key insurance markets around the
world. In 2022, the scope of the report was expanded
to understand and engage their consumers from to include Property and Casualty risk for the first time,
underwriting to claims. ReMark specializes in finding in addition to Life and Health insights.
new ways to create value for insurers, by engaging their Similar to previous years, consumers expressed
their keen interest in engagement, education on
audience and increasing their sales through personalized, insurance products, and leveraging the advances of
technology. Respondents highlighted the importance
multi-channel marketing campaigns, and tailored tech of recommendations when thinking about buying
insurance: among those who had purchased
solutions. ReMark’s annual Global Consumer Study insurance, 26.7% (in the case of a P&C product) and
“Despite – or perhaps because
31.6% (for L&H) said that recommendations from
is a key tool for improving our understanding friends and family had provided the motivation
of – the volatility of the external
behind their choice. This signals how vital it is to
of consumer attitudes toward risk and other trends. create a positive impression at all levels of the insurer- environment, our consumers
consumer relationship. are keener than ever to take into
Also similar to the previous year, a majority of their own hands the matter of
respondents (70%) acknowledged they had a need
for more education on insurance products in order planning against uncertainties
to make better decisions about the protection and potential risk. The deciding
With 17 international offices and 200+ they need for themselves and their families. When
employees, ReMark helps bridge the distance asked about the quality of their experience during factor for providers will be
between insurers and policyholders by researching the purchase process, top ratings (4.15 points out who can most effectively take
consumer trends ranging from data privacy to health of 5) went to customer service during the purchase
and creating innovative solutions. ReMark works process among P&C customers, and to the quality advantage of technology
with insurers to simplify and improve their products of the information provided by insurers among and and data to empower their
while creating services that have a lasting impact on those who had purchased L&H.
people’s health and wellness. consumers.
In terms of personal data, more than two-thirds
A big part of this is helping clients go digital. ReMark (68%) of respondents were comfortable sharing the In other words, who is creating
applies cutting-edge technologies to help clients data required during underwriting if this opened
efficiently process a high volume of transactions. the possibility to receive potential benefits from the best consumer experience
From underwriting and health apps to policy and their insurer. This does not, of course, eliminate without compromising risk
claims management, ReMark’s solutions are adapted the need for insurers to be mindful of consumers’
to today’s world. Thanks to its unique collective of concerns around privacy when building data-driven
management?”
intellectuals, developers, engineers, scientists, propositions. Unsurprisingly, Gen Z were more than
mathematicians, data scientists, and creatives, three times more likely to use online claims services
ReMark helps insurers offer the best possible than the Silent Generation, and over fifty times more
experience to their customers. likely to use an app •
62 63 ACTIVITY REPORT 2022 OUR BUSINESS
IMPACT
New technologies and

a partnership approach are driving
innovative insurance solutions
and investment opportunities that
foster resilience around the world.
64 A commitment to sustainable societies
66 An industry at an inflection point
68 Building for impact: Property

and Casualty
72 Empowering health and wellness
74 Building for impact: Life and Health
our
78 Health and climate change: exploring
the connections
80 Acting as a responsible investor
82 Accelerating our investment journey
84 Investing for impact
BUSINESS
IMPACT
IMPACT
A COMMITMENT
to sustainable
societies
The goal of (re)insurance is, simply put, to ensure
resilience. While we may never reach a day where our
work is done, SCOR’s mission is to make this world more
livable by minimizing the impact of shocks, whether
they be far-reaching, large-scale catastrophes
that impact large groups of people or life-altering
page 77) and our cross-functional working groups In 2022, SCOR has committed to doubling its
personal emergencies. are furthering research into pressing questions like insurance and facultative reinsurance coverage
“how might climate change impact human morbidity for low-carbon energies by 2025 and to transiting
and mortality?” all operational and attributable greenhouse gas
emissions from its insurance and reinsurance
underwriting portfolios to net zero emissions by
Yet far too many people around the world In the field of Property and Casualty reinsurance, SUSTAINABLE UNDERWRITING 2050. The Group plays an active role in industry-wide
remain underinsured or uninsured. When the Group’s expertise in analysis, modeling, and initiatives and has contributed to the UNEP Principles
As a risk carrier, SCOR is directly exposed to
catastrophe strikes, lack of coverage limits their risk transfer enables us to support climate change for Sustainable Insurance.
environmental, social, and governance (ESG)
ability to recover and move forward. SCOR seeks to mitigation and adaptation, and to contribute to the
risks. We use a range of techniques to assess the
help bridge the protection gap in both the Property energy transition in partnership with governments and
overarching ESG aspects of our business activities PARTNERSHIPS FOR CHANGE
and Casualty and Life and Health businesses. global development institutions worldwide – among
and promote sustainable underwriting. Our
them the United Nations Development Programme,
For P&C business, this means protecting individuals approach to underwriting is articulated around four SCOR’s approach is particularly focused on climate
the World Food Programme, and the World Bank.
and businesses and improving their resilience against complementary pillars: change, as this currently represents the most material
natural and manmade catastrophes, as well as against The Group has also developed considerable environmental risk. The Group’s partnerships with
P Scrutinizing environmental criteria during
other types of accidents. While in the Life and Health expertise in underwriting Environmental Impairment development and finance institutions such as the
underwriting analysis as we work to reduce the
lines, the focus is on providing solutions for life-long Liability (EIL) insurance through our Lloyd’s syndicate World Bank and the World Food Programme help
carbon footprint of our portfolio.
financial security to improve both personal and social and company business. SCOR’s rating tool, with its increase insurance penetration and improve the
resilience, addressing modifiable risk factors to curb 16 environmental indicators, helps underwriters P Engaging with existing and potential clients and adaptability of insurance beneficiaries in developing
mortality and morbidity, and promoting individuals’ assess companies seeking EIL coverage. We brokers (e.g., discussion around decarbonization countries. SCOR belongs to the Insurance
health and wellness. incentivize better risk management by offering pathways or science-based net zero targets). Development Forum, which has committed to
reduced premiums to companies with good ratings promoting the resilience of developing countries in
P Developing sustainable products and solutions.
and provide capital to help restore the environment partnership with the United Nations Development
PROMOTING SOLUTIONS when it has been damaged by an insured’s activities. P Overseeing sustainable claims management Programme.
(e.g., how to rebuild stronger after a claim).
At SCOR we know that the health of our planet is On the Life and Health side of the business, SCOR’s All of these orientations capitalize on SCOR’s
directly tied to the resilience of human societies, teams are working to offer innovative insurance The Group has developed guidelines for exclusions expertise in analysis, modeling, and risk transfer,
making the preservation of natural assets a key solutions that make accessible and affordable that cover activities in industries such as coal, oil and helping us to close the protection gap and support
priority. At SCOR, we recognize that risks like climate insurance coverage available to more people. At gas, and tobacco. SCOR’s underwriting guidelines more resilient societies •
change and biodiversity loss can have serious impacts the same time, an increased focus on prevention is also focus on ethical issues in the areas of health, the
on both P&C and L&H lines and solutions, therefore, helping policyholders live longer, healthier lives (see environment, and human rights.
must come from both sides of our business.
IMPACT
HOW IS SUSTAINABILITY SCOR helped insureds face the costs can be mitigated by expanded UK, as the stories on pages 68-71 in particular. Events such as
€10 bn
Gross Written Premiums
IMPORTANT TO SCOR P&C’S
APPROACH AND ACTIVITIES?
financial consequences of events
such as the French convective
prevention and more restrictive
zoning or construction regulations.
show. These products target the
most vulnerable, from farmers and
the invasion of Ukraine and the
transition from a pandemic-centered
(+21.7% at current FX) storms, the Australian floods, If the demand for insurance falls fishers to social welfare recipients, world to a high inflation regime
P JPC • The global significance of and Hurricane Ian. To respond because of cost, a growing part with a strong element of innovation have reminded us of the financial,
sustainability as a determining to the increasing frequency of the population may no longer involved. Technology and data environmental, and social value of
factor in the world’s economic and severity of such events, we be covered, resulting in public allow a better understanding of reinsurance. In the context of rising
SPLIT BY GEOGRAPHIC AREA health is undeniable. At SCOR, we continuously update our models. authorities on the front line. This risks and enable us to customize risk awareness, the expansion of
are conscious of this not only in makes an increasingly compelling solutions. In Fiji, for example, a the risk universe and a growing
16% 41% our own operations; we are also
WHAT DOES
case for innovative public-private novel index monitors both cyclone uncertainty about the future, the
APAC Americas committed to leading by example partnerships combining the intensity and distance from the need for reinsurance is increasing.
THE DETERIORATION IN
in our underwriting criteria, capacity of the market and that of eye of the storm. Meanwhile, in
NAT CAT CLAIMS MEAN At this inflection point in the
embracing sustainability and ethical the State to promote, together, motor insurance, telematics is
FOR POLICYHOLDERS? reinsurance market, SCOR has
practices to drive a positive cultural prevention and protection. allowing us to boost road safety
continued to provide shock
change in the insurance industry by promoting improvements in
43% P JPC • At the end of 2022, the absorbing capacity and to lead
and in the global economy. individuals’ driving behavior.
EMEA year’s economic cost of natural WHAT SOLUTIONS change for the benefit of all
Our job involves closing the
catastrophes around the world was IS SCOR DEVELOPING? stakeholders. We are entering the
protection gap to expand resilience
estimated between USD 250 and 2023 hard reinsurance market cycle
for individuals and societies WHAT DID SCOR P&C
300 billion. Insurers, reinsurers, P RL • Parametric insurance with a bullish mindset, determined
while staying ahead of future ACCOMPLISH IN 2022
SPLIT BY LINE OF BUSINESS and local governments are the schemes – many of which are to make the most of the significant
regulations for our own resilience. AND WHAT ARE YOUR
ones who ultimately bear most excellent examples of public- opportunities that lie ahead •
GOALS FOR 2023?
P RL • Making societies more of these financial costs. As risks private partnerships – are providing
28% resilient is at the heart of what we increase, only a strong private- practical and customizable solutions
Speciality P JPC • There is no doubt that 2022
do. P&C insurers and reinsurers public partnership has the capacity in many parts of the world. We
Insurance was a difficult year globally for
are on the front lines of natural to deal with the expanding risk have seen their adaptability in
the industry and for SCOR P&C
catastrophe developments. In 2022, universe and implement some of Fiji, Cambodia, Vietnam, and the
the required prevention measures
to cope with these heightened
risks. Climate change will result
72% sooner or later in an increased
Reinsurance cost of protection, which may be
challenged by the ability and/
or willingness of individuals and
companies to pay the rising
insurance premiums. Some of these
INTERVIEW
AN INDUSTRY AT
an inflection point
Romain Launay Jean-Paul Conoscente
DEPUTY CHIEF EXECUTIVE OFFICER OF SCOR P&C CHIEF EXECUTIVE OFFICER OF SCOR P&C
IMPACT
SCOR’s P&C business is developing solutions that have

an impact on societies today to ensure that they will
be more resilient tomorrow. As these solutions show,
collaboration is often the driving force behind innovation
and new technologies are allowing us to approach age-
old problems in new ways, to offer relief more quickly
and more effectively, and to prioritize prevention and
preparedness over reactivity.
PARAMETRIC INSURANCE
SAFEGUARDS PEOPLE AT RISK and are paid out quickly, reducing dependence on
post-disaster aid.
While traditional insurance relies on After the success in Fiji, the program has been
assessments of actual damage, parametric expanded to Vanuatu and Tonga, with further
insurance pays out benefits using a pre-determined expansion in other Pacific islands envisaged.
index based on loss of assets and investments caused
In other markets, implementing these innovative
by weather or other catastrophic events. This ensures
solutions requires not only an understanding of the
rapid pay-out and lowers dispute risks, providing
risks a population faces, but also their own views
quick relief and reducing transaction costs.
toward risk – and tradition.
At SCOR, our experts leverage various technologies
Exported and consumed worldwide, Cambodian rice
and strive to consider local particularities to
has approximately 20% market share in Europe alone.
customize their approach to coverage when bringing
The Cambodian agricultural industry accounts for
parametric solutions to populations in need. This
35% of the country’s GDP, but it is falling under threat
was the case when SCOR entered a public-private
from increasingly unpredictable weather, including
partnership with the United Nations (UN), the Fiji
extreme floods and droughts.
government and two local insurers – FijiCare and
BUILDING
Sun Insurance – to develop a parametric solution Developing and implementing a crop insurance
to improve climate change resilience and support program to sustain Cambodia’s market prominence
disaster risk management. involves complex questions of af fordability,
accessibility, and claims payout. But local knowledge
Fiji’s first parametric microinsurance scheme,
FOR IMPACT:
and dialogue are also critical factors. With their age-
launched in 2021 and significantly scaled in 2022,
old customs and habits, farmers aren’t accustomed
is helping to protect farmers, fishermen, market
to using insurance protection and many are virtually
vendors, and small businesses, as well as social
without financial education, making them slow
Property and
welfare recipients who rely heavily on government
to accept new ways of working. One of the main
support after extreme weather events.
challenges for SCOR and our partners, local general
This solution draws on an innovative index that insurer FORTE and the Cambodian government, has
monitors both cyclone intensity and the distance been to address this mindset.
Casualty from the eye of the storm, replacing satellite-

based data, which comes with a lag. Indemnities
are calculated using real-time information from the
National Oceanic and Atmospheric Administration
“We meet frequently with local farmers,” says
Dr. Wei Xu, Senior Underwriter for Agriculture at
SCOR, “listening to them and explaining. Dialogue
IMPACT
and transparency are the keys to the success of this THE ENERGY OF THE FUTURE
program.” This dialogue has led to the creation of
Increasingly, scientists are seeking to harness
innovative solutions, such as the Cambodian Rice
nature’s forces – such as wind and water – to
Ecosystem Map, which shows the actual rice species
transform the future of energy for the benefit
planted in each field. This mapping permits the
of people and the planet. The task is not simple,
design of precise, customer-specific solutions to
however, and requires ample backing, both in terms
reduce risks.
of expertise and financial support. The energy from
Together these success stories give an idea of the offshore windfarms, for example, must be stabilized
breadth and potential of parametric insurance. and transported over long distances, making it
necessary to transform existing energy grids to
permit the integration of these sustainable resources.
CURBING THE LINGERING
Insurance and reinsurance companies have an
IMPACTS OF CATASTROPHE integral role to play in windfarm projects, providing
AMONG HIGH-RISE DWELLERS the necessary financial protection and investment
IN THE UK support. SCOR takes this role very seriously and
has long-standing (re)insurance relationships with
The Grenfell Towers fire, and the subsequent offshore windfarm market leaders worldwide to
report on the safety of high-rise buildings in the provide insurance cover for offshore wind projects
United Kingdom (UK), led to negative impact in Europe, mainland China, Taiwan, Japan, Vietnam,
Despite the fact that SCOR had never written
on the residents of residential buildings with and the US.
INSURING THE BLACK SEA Cargo War risks on a stand-alone basis, the team
cladding. Lenders began to insist on the completion
was determined to find a solution. Thanks to strong “Our underwriters are all highly qualified engineers
of External Wall Surveys (EWS) by surveyors and fire GRAIN CORRIDOR existing relationships and a willingness to collaborate with decades of industry working experience and a
engineers. Insurers, viewing the language of the
with other industry players, SCOR UK was able to deep understanding of the offshore wind industry,”
EWS1 form as shifting responsibility to surveyors and Ukraine is one of the world’s largest producers
take a share in the insurance facility opened by Willis says Dr. Guangquan Xu, New Energy Practice Head
fire engineers – thereby potentially opening them of grain, harvesting upward of 70 million tons of
Towers Watson to provide Cargo and War risks cover at SCOR. “This enables SCOR to share our experts’
up to unlimited liability – became reluctant to offer wheat, corn, and barley annually, which accounts
for the transit of a number of these shipments. This global experience and knowledge of best practices in
professional indemnity insurance to them. Without for 10% to 15% of the world supply(1)(2). When Russia
required flexibility, reactivity, and close collaboration technology, risk mitigation, and insurance products
insurance, however, surveyors and fire engineers are invaded Ukraine in February 2022, grain exports
among Underwriting teams, Outward Reinsurance, with our clients and partners.”
less willing to conduct the necessary assessments came to a standstill – with potentially devastating
Compliance, and Senior Management.
of the buildings. The end result? Nearly 700,000 consequences for the Ukrainian economy and far- SCOR is also a lead (re)insurer for electricity
leaseholders have found themselves unable to buy, reaching impacts on global food security. By May, This prudent and measured approach has allowed interconnectors. These high-voltage cables connect
sell, or remortgage their homes. grain prices had skyrocketed, hitting especially hard Ukraine to resume grain exports and has helped the electricity systems of neighboring countries,
in areas where food availability was still suffering from to ease food shortages around the world, while allowing for better integration of renewable energies
SCOR partnered with MGAM, a UK-based InsurTech,
the Covid-19 pandemic. also ensuring that SCOR and other (re)insurance between different countries and regions. These
and the UK’s Department for Levelling Up Housing
stakeholders are not overexposed. The Grain projects support the growth of renewable energy
and Communities to help bridge this protection The UN quickly turned its attention to the question
Corridor Agreement is reviewed every 120 days sector and help to decarbonize the economy – and
gap. They put together a new government-backed of how to restore Ukraine’s grain exports despite
and our policy terms are quoted by the Lead market through our product offerings SCOR is helping to
indemnity insurance scheme for competent fire safety Russian blockades of ports. Finally, in July, the UN
on a shipment-by-shipment basis allowing flexibility accelerate the construction of new facilities as the
professionals undertaking EWS1 assessments. The and Turkey were able to broker a deal between
should the local situation evolve. The deal brokered capacity for renewable energies increases.
scheme is planned for up to five years, after which it is Ukraine and Russia that would allow for grain
by the UN and Turkey, coupled with risk protection
expected that insurers will step back into the market, shipments to resume. By this time an estimated 22 Furthermore, SCOR is one of the main (re)insurers
from (re)insurers like SCOR, has enabled 715
removing the need for a state-backed scheme. million tons of grain was stuck in silos, waiting to to provide insurance protection to other low carbon
shipments, totaling 20 million tons of grain and other
be exported. technologies, such as hydrogen, carbon capture and
“SCOR’s decision to partner with MGAM and DLUHC food products to be safely exported as of early 2023.
storage (CCS) facilities, and bioenergy. We offer
to provide an insurance solution to the EWS1 And yet, this grain couldn’t be transported without
“The goal, of course, is to help facilitate this important holistic insurance products to help our partners and
coverage gap demonstrates our capacity to foster the backing of the (re)insurance industry. Under such
scheme, with a well thought through risk approach,” clients in their energy transition journey, ensuring our
innovation and collaboration, and apply this for circumstances, covering the shipments was much
says Mike Shillabeer, SCOR’s Cargo Underwriter. “This shared future is a resilient one •
tangible good in society,” says James Parker, CUO for riskier than a typical cargo coverage policy and
is about us doing something for the greater good of
EMEA MGA at SCOR. “We are proud to have played insurers’ eagerness to help was somewhat tempered
the world and for me personally it’s something of a
a practical role in helping to open up this segment by their caution. (1) https://ipad.fas.usda.gov/countrysummary/Default.aspx?id=UP
light in otherwise dark circumstances.” (2) https://www.dw.com/en/five-facts-on-grain-and-the-war-in-ukraine/a-62601467.
of the property sector.”
INTERVIEW Frieder Knüpling
IMPACT
CHIEF EXECUTIVE OFFICER OF

SCOR LIFE & HEALTH
EMPOWERING
health and HOW DO YOU BALANCE
SUSTAINABILITY WITH
RISK MANAGEMENT?
At SCOR, it’s not a question
of choosing sustainability or risk
management. They go hand-in-
reward system incentivizes and
encourages policyholders’ healthy
behaviors and active lifestyles. This
wellness
hand. By developing (re)insurance can help promote the prevention
solutions that support resilience of chronic conditions and terminal
and a more sustainable world, illnesses, reducing healthcare costs
we are mitigating future risks. and ensuring healthy lives and
We are dedicated to creating wellbeing for all, which is a part of
solutions that expand insurability our sustainability goals.
and support people’s health Furthermore, our experts research
and wellbeing. For example, and share knowledge on many
we developed the Biological Age sustainability-related topics,
WHAT DOES Sustainability isn’t a new changes to consumers’ behavior. Model (BAM), an algorithm that including the potential impacts of
SUSTAINABILITY LOOK concept for the L&H business. As our ReMark Global Consumer translates step count, resting heart climate change on human physical
LIKE IN THE CONTEXT Our industry’s original and Study revealed, people realized rate, and length of intense physical and mental health and mortality,
OF LIFE AND HEALTH fundamental purpose – protecting the importance of proactively activity into a quantified impact and what that means for
INSURANCE? people from unexpected life events maintaining health and wellness on an individual’s mortality and (re)insurers and policyholders.
by underwriting morbidity and as well as obtaining adequate morbidity. The app’s integrated
mortality risks - has always been protection through proper
connected to creating a sustainable insurance education.
society. SCOR has always aimed We work with our clients and
to contribute to a more sustainable partners to ensure our products WHY ARE LONGEVITY Mortality and longevity and pension providers to offer
and resilient world by balancing are relevant, affordable, and AND CRITICAL ILLNESS are two sides of the same coin. longevity solutions is increasing.
SOLUTIONS BECOMING
economic, environmental, accessible. We use innovation as a While mortality is the risk of On the other hand, the evolution of
MORE IMPORTANT
and social factors in our daily key driver to support healthy living, premature death, longevity is the non-communicable diseases and
AROUND THE WORLD?
operations. Closing the promote prevention measures, and risk that an individual lives longer other mortality trends necessitate
protection gap and expanding streamline our value proposition. than expected, outliving their new health covers and insurance
insurance coverage is Moving forward, innovation and savings and retirement funds, and solutions for critical or terminal
tremendously important to us. continued collaboration with our finding themselves in a financially illness. The goal is to ensure that
The Covid-19 pandemic reminded stakeholders will be increasingly vulnerable situation. With the people are not only living longer,
us that this wide gap still exists, critical for better addressing world’s population aging rapidly but that they are living better with
but it also brought positive and resolving these challenges. and growing life expectancy, the sufficient financial security.
need for (re)insurance companies
ABOUT LIFE & HEALTH SPLIT BY GEOGRAPHIC AREA SPLIT BY LINE OF BUSINESS
WHAT ARE YOUR Our world is becoming by working with partners to make
GOALS FOR 2023? increasingly connected. This insurance more accessible and
€9.7 bn
gives L&H insurers the opportunity affordable. This includes innovative
to look beyond the traditional solutions using data analytics and
47% 85% boundaries of our industry, finding technology. We will also continue
Gross Written Premiums Americas partners in a larger health and working with clients to empower
Protection
(+3.7% at current FX) wellness ecosystem in order and incentivize healthy behaviors,
+14.5%
to bring new prevention and utilizing our behavioral science
6% protection solutions to our clients. expertise and advanced data
Financial
32% 21% Solutions
We will continue to focus on technology •
Technical margin APAC extending insurance coverage
(+4.2 pts compared EMEA 9%
to 2021) Longevity
IMPACT
BUILDING
FOR IMPACT:
Life and Health
SCOR leverages the expertise of our Life and Health
medical underwriting and data teams, draws on our
extensive data infrastructure, and partners with clients,
academics, and innovative companies worldwide
to create new products and solutions for insureds. sequencing technology allows clients to receive This cutting-edge biometric risk solution applies
highly accurate tests in a convenient and efficient advances in medical research and data science to
manner, and the test results do not affect their improve the accuracy of risk assessment.
coverage, underwriting results or claim eligibility.
The solution eases the complex classification of
When the results are positive, a free follow-up
When it comes to sustainability, the Group’s Life EARLY DETECTION THROUGH mental health risks while ensuring consideration
medical consultation is provided by our partners.
and Health (L&H) business unit has three key areas of the circumstances of the individual customer,
INNOVATIVE CANCER SCREENING
of focus: “SCOR has a responsibility to society to help transform assisting underwriters in providing more individualized
traditional insurance into a health-improving journey assessments. Localized factors also contribute to mental
P Providing insurance solutions to reduce While early diagnosis of cancer can make a
which produces better outcomes for our clients and health. To ensure an accurate approach to assessing the
the protection gap. huge difference in the patient’s prognosis, early
policyholders. With this partnership, we help to risks in a given market, Vitae Mental Health is tailored to
detection programs aren’t always readily available
P Helping people live longer and healthier lives. bridge the gap between medical advancements and meet local needs and circumstances. Currently focused
or affordable. When it comes to nasopharyngeal
their impact on life insurance by bringing innovative on Australia and New Zealand, it will be extended to
P Transforming knowledge into impact. cancer (NPC), an early diagnosis has been found
solutions to our clients,” says Tony Ho, Head of South other markets over time.
to increase the survival rate to 90% over five years,
The following solutions demonstrate the impact Asia, SCOR Life & Health.
almost 30% higher than for diagnosis at later stages. Vitae solutions, which can be used in all underwriting
L&H insurance can make after a diagnosis – and how
This is particularly important in Asia, home to nearly channels, support the SCOR philosophy of inclusive
the industry can encourage preventative measures
85% of patients with this disease worldwide. VITAE MENTAL HEALTH underwriting with appropriate terms based on each
to help policyholders live longer healthier lives.
individual’s circumstances. This allows insurers
In Hong Kong, the incidence of NPC is as much as five ALLOWS NEW INSIGHTS to extend coverage to more people at a fair and
to six times the global average and is one of the five
accurate price.
most common cancers among men ages 45 to 64. Mental health conditions are of increasing
In addition, statistics from the Hong Kong Hospital global concern, with some studies suggesting “The Vitae Mental Health solution enables SCOR to
Authority show that 80% of the city’s population a growth in the prevalence of depression support clients in offering insurance to more customers
diagnosed with NPC had late-stage cancer, pointing and anxiety by as much as 25 percent during with a history of anxiety and depressive conditions, in
to the fact that effective screening solutions were the Covid-19 pandemic. Yet while the growing this way aligning closely with our inclusive underwriting
lacking. Next generation sequencing and state-of- awareness of the impact of mental health conditions philosophy,” says Eimear Smith, SCOR ANZ’s Head of
the-art technologies for the early detection of NPC is encouraging, many challenges remain. It has Underwriting. “Our easy-to-use solution is evidence-
can offer a lifeline to address this. traditionally been very difficult to diagnose anxiety based, which is an imperative in the local environment,
and depressive disorders. The presence of many allowing us to offer important protection to customers,
In 2022, SCOR partnered with a virtual insurer in
differing factors and scenarios can make the insurance in a sustainable way, benefiting the individual and
Hong Kong and a healthcare and biotech company,
assessment of these conditions complicated for the society more broadly. We’re extremely proud of this
to develop an innovative cancer screening solution.
underwriter. solution, another phenomenal delivery in the Vitae suite
Together, they are helping the public learn about
of solutions.”
the potential risks of NPC while offering screening In October 2022, SCOR launched the Vitae Mental
to selected insureds free of charge. Next-generation Health solution, the latest in the Vitae line of products.
IMPACT
150,000
TAILORING DISABILITY
INSURANCE TO THE NEEDS OF
CHILDREN AND THEIR PARENTS active Good Life users
in Asia
SCOR is partnering with a client in Germany to
extend protection and peace of mind to parents.
This innovative insurance product will provide financial 2.2-2.5
Good Life users’
support if a child suffers from a loss of essential abilities
such as communication, mobility, or education-related average reduction
capabilities such as writing. In addition, lump sum of “biological age”
payments will be paid in case of severe illnesses which
may result in long hospital stays.
Recently, German life insurance companies have
started to develop solutions for a wider demographic,
including classic disability insurance covers for
children. While there are many products in the market
for children, they are often unaffordable or have only
The product was initially launched in Asia, where
limited coverage (e.g., accident only). In addition,
many rapidly aging socieities are seeing a marked
some families are seeking products for their younger
increase in obesity and numerous other health
children who are currently below the eligible age.
risks. Since its debut, Good Life/BAM has grown
In this context, SCOR’s new product redefined some its popularity throughout the region and has now
PROTECTING of the Activities of Daily Work (ADW) benefits – for been implemented in China, Hong Kong, Taiwan,
AGAINST CRITICAL ILLNESS example ability to walk, use public transportation, or Japan, Singapore, Malaysia, and Thailand. Further
write – and lowered the eligibility age to six months. geographical expansion is planned in the near
Early treatment of critical illness can be the The cover grows with the child in the sense that new future. Currently, the program has around 150,000
key to full recovery and at the same time, can help to abilities are integrated and definitions are adjusted active users, improving their physical activity, which
avoid crippling financial burdens. SCOR collaborates over the lifetime of the policy. translates into 2.2 to 2.5 years biologically younger.
with clients to co-develop a vast range of critical In Taiwan, where the program was first launched, the
“By tailoring disability insurance to the needs of
illness solutions, designed to protect people’s CONTRIBUTING TO total accumulated number of steps recorded from
children and their parents, we make life insurance
financial integrity in the event of serious illness. users is roughly 38 round trips from the Earth to the
relevant and affordable again,” says Gerd Müller, POLICYHOLDERS’ HEALTH
Moon and back.
In China, one such partnership has resulted in the Head of Pricing & Products at SCOR Reinsurance & WELLNESS AND LONGEVITY
In 2022, the third version of the Good Life was
Protector Critical Illness Insurance Plan, which in Germany, who worked to develop this product.
WITH SCOR AND REMARK’S
addition to protection for critical illness offers life “We have already received feedback that this needs- unveiled and will be rolled out throughout 2023.
insurance and savings in one plan. Covering up to 180 based life insurance is a real ‘peace-of-mind cover’ for BIOLOGICAL AGE MODEL The new user interface makes use of gamification
illnesses, the plan includes common diseases such parents, grandparents, and other family members as to motivate users to continue to build new healthy
SCOR draws upon a wealth of robust clinical
as cancer, heart-related diseases, and stroke, as well it is now so easy and evident to protect their families habits as they reduce their risk of modifiable risk
data and superior analytics to develop solutions
as mild diseases associated with common illnesses. against the financial risks of lost essential abilities factors for noncommunicable diseases such as type
that give back to society, empowering consumers
This focus on prevention reduces the probability that caused by an illness or accident of the children.” 2 diabetes, cardiovascular disease, and even certain
to live healthier and longer. In partnership with key
certain conditions will evolution into critical illness. cancers.
players in the wearable technology industry, the
To further safeguard children’s health and give peace
Biological Age Model (BAM) was born in 2018 with BAM truly reflects SCOR’s core belief that (re)insurers
of mind to parents, the plan offers a special disease
this mission in mind. BAM utilizes wearable data to have both responsibility and ability to protect and
benefit for children.
compute a person’s “Biological Age” based on an enrich the health and wellness of people and society.
“SCOR is dedicated to partnering with our clients to evidence-based model for both mortality and critical We are committed to long-term relationships and
translate ideas into practical solutions that offer both illness risks. partnerships with like-minded clients and strategic
financial security and narrow the protection gap for partners.
The BAM algorithm is at the heart of the Good Life
end customers,” says Clement Fung, SCOR L&H’s
app developed by ReMark, a SCOR company. BAM “We and our partner companies both believe in the
Head of Hong Kong.
works as a powerful and sophisticated engine to value of investing in our customers’ health for the long
This collaboration showcases SCOR’s dedication incorporate users’ wearable data and track their run,” says Vincent Shi, Head of Greater China and
to narrowing the protec tion gap by placing physical activity to reduce their Biological Age while South East Asia of ReMark. “It takes years to build a
the customers’ needs at the heart of business the Good Life app engages users and encourages true health & wellness program. We are committed
development. them to create and keep healthier habits. to the long-term” •
IMPACT
HEALTH AND
CLIMATE CHANGE:
Exploring We are living in a time of unprecedented
human modifications to nature. Climate change,
Parallel to this, the working group published two
SCOR papers on the future of climate change and
the connections
loss of biodiversity, plastic pollution, the spread of its impact on human health. Under the title “The
endocrine disruptors, and antimicrobial resistance Relevance of Climate Change for Life Insurance,”
are just some of the emerging and evolving risks and Part 1 explores The Risk Manager’s View, while
trends that are caused by human action and have Part 2 covers The Medical Director’s View. These
a direct impact on the ability of human societies to publications set out the most relevant, long-term
thrive. These changes are happening at a speed and impacts that can be expected from an insurance
scale that leaves the ecosystem little chance to adapt, perspective, examining how the human body copes
resulting in soaring levels of disruption and volatility. with and reacts to them.
Driven in part by these risks, projections of future
In this series, Dr. Irene Merk, Emerging Risks
morbidity and mortality are becoming increasingly
Ambassador at SCOR, and other members of
challenging, magnifying the need for protection
the working group examine the need to change
against shocks, and for resilience in facing them.
perspectives when considering climate change and
Some of the links between climate change and human the role of Life and Health insurance. Echoing the
health are well understood by researchers – others Double Materiality Principle (page 26), the “outside-
less so. They concern not only the functioning of the in view” (which looks at the consequences that climate
body – for example, heart, lungs, kidneys, and blood change can have on human health and wellbeing)
– but are also reflected in the use, delivery method, is complemented by looking at the effects that an
and efficacy of medications. It is imperative for a activity has on aggravating or improving climate
leading risk management expert such as SCOR to change, that is to say an “inside-out view.”
work toward an understanding of climate change and
“Life and health insurance covers contribute to the
its direct and indirect impacts on the long-term Life
ability of families and communities to re-build after
and Health business – including potential upsides,
a negative event,” Dr. Merk writes. “The natural
such as opportunities for diversification.
alignment of interest between (re)insurer and insured
for life and health products leads to a benefit for the
EXAMINING THE LINKS company to be generated from protecting clients
from the impacts of climate change, making the
At SCOR, a dedicated working group was created inside-out impact overall more of an opportunity
in 2020 to increase awareness, knowledge, and than a risk.”
understanding of the long-term direct and indirect
In 2023, the working group anticipates releasing
impact of climate change on human health and
two additional papers in this series to explore the
business. The group is comprised of medical doctors,
implications of climate change on infectious diseases
actuaries, risk management professionals and others
and mental health. SCOR continues to share this
from all geographies.
knowledge widely through industry conferences,
In 2022, the United Nations Principles for Sustainable expert panel discussions, actuarial events, and other
Insurance (PSI) published the first Life and Health publications. We believe that by considering and
insurance underwriting guide on ESG risks. Titled exploring climate change through a wider lens, the
“Managing environmental, social and governance (re)insurance industry can meet the evolving needs
risks in Life & Health insurance business,” the guide of societies and individuals •
was drafted with the support of the SCOR climate
change working group. The underwriting guide
explores the complex and evolving range of ESG
considerations involved in underwriting and looks
at how industry participants can address these risks.
IMPACT
At SCOR, this belief that we have the ability to

EMBRACING EMERGING TRENDS
effect change even beyond our core (re)insurance
business has motivated us to embed sustainability
ESG criteria offer early signals of potential future risks
into our investment strategy, thereby leveraging our
– and opportunities. Thanks to our core business as
investment portfolios to support initiatives that foster
a reinsurer, SCOR is able to draw upon our experts’
a better tomorrow. To accomplish this, our investment
deep understanding of the evolving risk landscape
approach is informed by the double materiality
to identify opportunities that we can act on through
principle (page 26) and the UN’s Sustainable
our investment activities.
Development Goals and further structured around
four pillars: For example, in the course of monitoring risk
trends, we identified an opportunity to develop a
P Building a resilient por tfolio through risk
ACTING AS A
unique real estate business model based on buying
management.
brown buildings in key locations and retrofitting
P Enhancing sustainable investment decisions these properties in accordance with the highest
through thorough screening processes. environmental and energy efficiency standards. After
these upgrades have been made, SCOR is able to
RESPONSIBLE
P Delivering on our Theory of Change, combining
sell these properties to externalize the value created,
reduction of our adverse impacts, engagement
ensuring a positive impact on both sustainability and
with our investees, and financing the transition
the profitability of our investment portfolio.
to a more sustainable world for people and
INVESTOR for a
ecosystems. Over the last decade, SCOR has also worked to
build a material bucket of infrastructure debt and
P Supporting climate awareness by fostering public
real estate debt that finances the transition to a low
debate and furthering other initiatives.
carbon economy. This “green bucket” has been built
more sustainable
The Group intends to optimize risk adjusted returns by leveraging SCOR Investment Partners’ historical
while limiting negative externalities and promoting expertise in real estate and debt investments. In
the positive impacts of our investments. We know that 2022, SCOR renewed our commitment to further
if we hope to finance the sustainable development of grow these investments (see page 86) •
tomorrow societies, nature must be considered in its entirety

and our investment decisions need to contribute to
the preservation of ecosystems. However, preserving
natural assets goes beyond fighting against climate
change and reversing biodiversity loss. It is not
In addition to SCOR’s P&C and L&H businesses, SCOR enough to simply limit damages. We also need to
intentionally do good.
Investments is the third lever in our business model. By taking this aproach, SCOR is actively contributing
to a more sustainable world, while at the same time
By investing the premiums collected through our protecting our portfolio against damages over a
(re)insurance businesses, SCOR is able to grow our much longer time horizon.
capital and ensure the overall resilience of the Group.

But we believe our investments can do more than
that – and that we have a responsibility to ensure our
investment portfolios are also contributing to a more
resilient world and a more resilient future for all of us.
INTERVIEW François de Varenne
IMPACT
INVESTMENTS, TECHNOLOGY, TRANSFORMATION AND GROUP HOW IS THE DOUBLE Applying the double a faster transition and, in return,
CORPORATE FINANCE AT SCOR MATERIALITY PRINCIPLE materiality principle to our protects its portfolio against
IMPORTANT TO SCOR’S investment strategy is key to physical damage across a much
INVESTMENT STRATEGY? both assessing potential risks longer time horizon.
and identifying prospective This has shaped many of our
opportunities. As much as possible, investment decisions, including
we work to insulate the portfolio an early exit from some sectors
from consequences linked to that are not compatible with the
non-financial risks, in particular Paris Agreement and divesting
those related to climate change like from thermal coal. The Group
transition and physical risks. These, has also taken steps to have a
of course, can be considered positive impact the real economy
the outside-in effects facing the by joining engagement initiatives
portfolio. and enhancing the best-in-class
However, in order to improve strategy applicable to upstream oil
longer-term resilience, we must and gas companies.
also consider the inside-out effects
of investment decisions. By doing
so, SCOR actively contributes to
WHAT DO WE MEAN Depending on the particular ensuring the greenhouse gas

WHEN WE SAY industry and sector, the emissions reduction of our clients
“IMPACTING THE REAL potential reduction in industrial and investees, so when we say
ECONOMY”? companies’ carbon footprint can that SCOR is “impacting the
be substantial. However, when real economy” or “working to
it comes to financial institutions decarbonize the real economy,”
ACCELERATING like SCOR, the company’s carbon

footprint is often negligible and
therefore any reduction will
have limited impact. Instead,
we’re referring to the impact we
have through our ability to impact
the actions of our clients and
investees.
our investment we look to effect change by
JOURNEY WHAT DID SCOR

ACCOMPLISHED
IN 2022?
This year, SCOR refined its
sustainable investment policy
regarding thermal coal, having
already committed to divest
Indeed, SCOR set several notable
targets, including:
P Reducing the carbon intensity
of our corporate bond and
totally from companies generating equities sub-portfolio by 55%
revenues from unconventional oil by 2030 (base year 2020).
and gas by 2030 worldwide. P Reducing the carbon intensity
SCOR strongly believes draws upon the strong risk
HOW DOES SCOR’S that creating sustainable value expertise at SCOR to identify
SCOR has also made it a priority to of our investment direct real
APPROACH TO increase dialogue with investees estate sub-portfolio by 50% by
requires a long-term vision and risks and opportunities while
INVESTMENTS PRIORITIZE to ensure we’re aligned in terms 2030 (base year 2021).
that our investment strategy aligning with the UN Sustainable
ESG CONSIDERATIONS? of sustainability goals and how P And reducing the carbon
can play a part in supporting a Development Goals and the Paris
we accomplish them. For SCOR, intensity (MtCO2e/PJ) by 38%
more sustainable future. With Agreement.
this means actively participating of our power utilities portfolio
this in mind, we combine the To accomplish this, SCOR
in initiatives such as the Finance by 2035 (base year 2020) •
three dimensions of responsible combines exclusion, best-in-class
for Biodiversity Foundation
investment – risk, return, and strategy, and stewardship with
and reinforcing various other
impact – while limiting negative investments in climate and nature-
commitments.
externalities and promoting based solutions.
positive impacts to address this
global challenge. This strategy
IMPACT
Investing for companies were also asked to publish a time-bound
IMPACT
phase-out plan for persistent chemicals and to work
to improve their ranking in the NGO ChemSec’s
annual chemical footprint survey, ChemScore. This
survey ranks the world’s top chemical producers on
their work to reduce their chemical footprint.
Following mounting pressure from lawmakers,
NGOs, civil society, and investors, 3M announced
Driven by our ambition to lead by example, SCOR has that by 2025 it will stop making perfluorinated and
fluorinated chemicals (PFAS), which are known as
joined numerous initiatives to promote a healthier forever or persistent chemicals because they do not
degrade in the environment. This result exemplifies
environment and a more sustainable future. One way we the positive role that collective engagement can play
do this is through investing in SCOR Investment Partners’ and SCOR will continue to engage in similar investor
initiatives in the future.
environmentally and socially focused senior infrastructure “The companies that are producing these chemicals
are contributing – directly or indirectly – to water
debt fund. This and the other initiatives discussed in this pollution, which has significant negative impacts on With SCOR being an anchor investor, the fund is
section highlight how we are leveraging our role as the health of ecosystems and on biodiversity,” says
Yun Wai-Song, Head of Sustainable Investments at
available to institutional investors and has a target size
of between EUR 750 million and EUR 1 billion. It has
an investor to enact change by investing for impact. SCOR. “Regulations are the main driver of change
in many cases, but outcomes like this prove that
already invested in several diversified infrastructure
projects – renewable energy, fiber networks, data
many companies do want to make a change toward centers, and projects in the transportation sector – for
becoming more sustainable and collaborative a combined value of close to EUR 400 million. These
initiatives like this allow SCOR to make much more initial investments, combined with a rich upcoming
of an impact than we could acting alone.” pipeline of opportunities, provide investors in the
fund with a fast ramp-up period.
A FUND FOR ENVIRONMENTAL With EUR 1.6 billion of investments completed across
REVERSING BIODIVERSITY LOSS 57 infrastructure debt transactions since 2013, SCOR
AND SOCIAL IMPACT Investment Partners’ infrastructure team has been
In 2022, SCOR joined 46 other investors –
a pioneer in offshore wind, fiber networks, and
together representing a total of USD 8 trillion To support our commitment to being a
sustainable datacenters investing. As seen with
in assets – in signing a letter destined for the 54 sustainable investor that positively impacts the
the SCOR Infrastructure Loans IV, the team focuses
largest manufacturers of hazardous chemicals. real economy, SCOR’s asset management company,
on building well-diversified portfolios around the
Promoted by the Finance for Biodiversity Foundation SCOR Investment Partners, has developed strategies
European infrastructure market.
(FfBF), Aviva Investors, and Storebrand Asset that embed sustainability in our investment approach
Management, the letter was a call to action meant since 2013. Now, the vast majority of senior debt “This fourth generation of our senior infrastructure
to encourage these companies to publish a list investments are directed to assets that have positive debt strategies, which focuses on projects with a
of the hazardous chemicals they manufacture environmental and social impact. positive environment or social impact, reinforces
globally. SCOR joined the FfBF earlier in 2022, a our positioning as a sustainable asset manager,” says
This year, SCOR Investment Partners announced a
move consistent with the Group’s commitment to Fabrice Rossary, CEO of SCOR Investment Partners.
new infrastructure debt fund, SCOR Infrastructure
reversing biodiversity loss by 2030, and participated “To deploy this new fund, our infrastructure team
Loans IV, that focuses on building well-diversified
in engagement calls on this matter leading up to the builds on its proven sourcing ability and strong track
portfolios around the key drivers of sustainable
letter being sent. record. By design, the investment strategy naturally
infrastructure development in the European Union.
adapts to inflationary environments and interest
“The chemical industry sits at the start of the supply These projects primarily contribute to the energy
rate hikes and is particularly suited to volatile and
chain so has a role to play in driving the circular transition, including renewable energy projects and
uncertain market conditions.”
economy forward,” the letter said. The chemical the digitalization of the economy.
IMPACT
While each of these bonds funds a variety of different Climate Change at the end of 2023 (30 November-12
projects, they all contribute to specific environmental December, 2023). Although the roadmap will not be
objec tives in areas such as transpor tation, stringent, it will make recommendations to the sector
construction, manufacturing, and renewable for transitioning and will be used to help direct future
energies like bioenergy, wind, and solar. For example, efforts in the AFOLU sector.
one such bond funds the sustainable development
This roadmap represents a significant step for the
of 19 projects across Europe, of which:
AFOLU sector and for climate change mitigation
P 55.5% of projects are in electricity, gas, steam, efforts because, as the investors’ letter pointed out,
and air conditioning supply. food systems currently account for approximately
a third of global greenhouse gas emissions and
P 25.6% involve professional, scientific, and
agriculture and livestock have a significant impact on
technical activities.
loss of biodiversity and on deforestation. Moreover,
P 10.5% is dedicated to transportation and storage. studies have shown that all assessed modelled
pathways that limit warming to 1.5ºC or well below
P 4.6% are manufacturing projects.
2°C require land-based mitigation and land-use
P 3.8% are in construction. change. In fact, evidence shows that even if fossil
fuel emissions were eliminated immediately, food
In this way, SCOR’s investment in green bonds allows
system emissions alone would make it impossible
us to impact sustainable development across a wide
to reach 1.5°C.
variety of sectors.
As we work to align our investment portfolios to
address climate and nature risks, initiatives like this
TARGETING AGRICULTURE enable SCOR to contribute to a coordinated and
TO LIMIT GREENHOUSE GASES global push toward a more resilient future •
SCOR is leveraging our role as an investor to engage
7.4%
with policymakers and encourage regulations and
industry best practices that will contribute to a
faster transition and help limit global warming.
Green bucket of invested
The agriculture, forestry, and other land-use sector
assets (excluding social
(AFOLU) sector in particular was identified as a key and sustainable bonds)
area of focus due to the financially material risks to
which the food system is exposed, including from
climate change, biodiversity loss, malnutrition, and
antimicrobial resistance. Additionally, food system
A+
Average rating of the
activities’ material impacts on the environment mean fixed income portfolio
GREEN AND SUSTAINABLE BONDS there is an opportunity to have a meaningful impact
by calling for more sustainable practices.
The transition of the real economy has two the transition and to aligning the economy with the
main levers: 1) reducing the negative impact of Paris Agreement. Therefore, in Spring 2022, SCOR joined various
companies, and 2) financing positive impact. Green other investors in signing a letter calling on the
SCOR has increased the importance of this type of
and sustainable bonds belong to the second category Food and Agriculture Organization of the United
investment in its portfolio and investments in green,
by financing specific projects that contribute to the Nations (FAO) to publish a roadmap to align the FOR FURTHER INFORMATION
social, and sustainable bonds (along with real estate
transition to renewable energy and sustainable AFOLU sector with ambitions to limit the average on SCOR’s sustainable investment
debt and infrastructure debt that aim to provide
industries. rise in global temperatures to 1.5 °C by 2050. This strategy, we invite you to visit scor.com.
funding for the transition to a low-carbon economy
undertaking was launched by the FAIRR Initiative,
Our investment strategy effects change by ensuring and energy-efficient buildings) represented 8.5%
a collaborative investor network that raises
the greenhouse gas emissions reduction of our of invested assets at the end of 2022. SCOR has
awareness of environmental and social risks as well
clients and investees, which is usually referred to as committed to doubling the amount of green and
as opportunities in intensive livestock production.
“impacting the real economy.” The proceeds of green sustainable bonds in its portfolio by the end of 2024
bonds, therefore, play an important role in funding compared to the end of 2020. After having received the letter, the FAO confirmed
the deployment of green activities, allowing SCOR’s in November 2022 that work was underway on the
Investments business unit to participate in fostering roadmap, aiming for publication by COP 28 on
88 89 ACTIVITY REPORT 2022 OUR SUSTAINABLE
OPERATIONS
We are conscious that the way

we work can have an impact
on the world around us and
we aim to ensure our operations
are sustainable.
90 Operating with impact
92 SCOR Zurich goes green
our
SUSTAINABLE
OPERATIONS
OPERATIONS
OFFICES AND ENERGY CARBON EMISSIONS,

PLASTICS, AND WASTE
SCOR conducts its business from office
buildings of varying sizes in some thirty countries.
At SCOR, we carefully monitor our carbon
Whether we own or rent these offices, the Group
footprint from operations, including those linked to
integrates environmental considerations. When
the operation of the buildings we occupy, our vehicle
we build, we favor sustainable or eco-responsible
fleet, our employees’ commute, business travel, and
construction. When we purchase buildings, we often
to a lesser extent purchased goods and services.
restructure them following high energy-efficiency
standards. In this way, we turn brown square meters In 2022, SCOR reached a 55% reduction of its carbon
into green ones. intensity per employee for scopes 1 and 2 compared
to 2014.
Our Paris headquarters are certified ISO 14001
and, as of 2022, certified under ISO 50001 for SCOR has set the goal of eliminating single-use
energy management. Meanwhile, our Zurich office, plastic in all of its directly owned offices by 2025
the newest of our 35 global offices, was built with and is committed to reducing and recycling waste as
sustainability in mind, using eco-friendly building much as possible. Out of the total 362.1 tons of waste
technology and materials. disposed of in 2022, 30% was recycled, including
72.6 tons of recycled paper.
SCOR implements environmental management
systems wherever possible. At the end of 2022, 63.9%
OPERATING of the Group’s employees who fell within the scope of

the certified environmental reporting process were
covered by an environmental management system
A RESPONSIBLE CORPORATE
CULTURE
with impact
(compared to 59.5% in 2021).
In the context of the global energy crisis, SCOR
Some 68% of the energy consumed at our worldwide has implemented a series of initiatives to reduce
sites (lighting, heating, cooling – including data energy consumption, such as limiting heating and
centers – and power for operating equipment) is in the cooling in its offices and internal data centers. SCOR
form of electricity. SCOR favors purchasing energy also encourages employees to adopt sustainable
from renewable sources, which account for 63% of behavior in their individual energy consumption.
At SCOR, we believe that achieving resilience means the Group’s energy consumption. SCOR’s objective is
to reach at least 70% in renewable electricity by 2025.
Through its involvement in the Ac t4nature
international initiative, SCOR has made several
looking at every aspect of how we live, work, and operate commitments including:
through the lens of environmental soundness. We P Extending the environmental reporting process
covered by its environmental management
carefully assess and manage the environmental impact system to 55% of its employees by 2025.
of all our operations, including the efficiency of the P Purchasing at least 70% of its electricity from
renewable energy sources by 2025.
buildings we occupy, business travel, office equipment, P Adopting a plastic-free policy in 100% of SCOR’s
and waste management, among others. directly owned offices.
OPERATIONS
SCOR Zurich
GOES GREEN
As the newest of SCOR’s 35 offices around Desks are height-adjustable and the open-plan
the world, the Zurich office overlooks Lake Zurich, office features privacy panels between desks to
and the view serves as a constant reminder of the reduce noise and provide privacy while maintaining
natural resources we are working to preserve with a welcoming workspace that fosters collaboration.
sustainable initiatives like the ones in place here. Drawing inspiration from Lake Zurich and nearby
parks and nature areas, full-length windows allow
The office’s facade and interior were both built
for optimal use of natural light and the office’s décor
according to Minergie standards, a Swiss construction
incorporates a large number of indoor plants. The
standard for new and modernized buildings that
greenery that is visible from every workstation
focuses on the comfort of building occupants and
contributes to a comfortable working atmosphere.
energy efficiency, using eco- and health-friendly
construction methods and materials. The office Finally, the office is “plastic free,” meaning that water
building features state-of-the-ar t equipment dispensers are available on each floor and in the
powered by renewable energy and electric car office restaurant, along with reusable carafes, coffee
charging stations are available to employees. cups, and glasses – but you won’t find a single plastic
Employees can also opt to take advantage of public bottle. In December 2022, the Zurich office went one
transportation incentives and have access to a garage step further by launching “ReCircle,” an initiative
for bicycle parking. where all takeaway drinks and meals are served in
reusable packaging. To compliment these efforts,
The roof is covered by several solar panels and the
the contracted catering service is also prioritizing
close proximity to Lake Zurich makes it possible to
meat-free meals offering various vegetarian lunch
take advantage of an alternative resource – water.
options on the menu.
Energy from the lake water is extracted for cooling and
heating the building without chemically altering or Underlying all of these initiatives is SCOR’s ISO 14001
polluting the water, which is then returned to the lake. cer tification, which ensures the continuous
This method ensures efficient and environmentally monitoring and reduction of energy consumption
friendly office climatization. when possible •
During the construction of the office, employee
wellbeing was also a priority and was incorporated
into the design and furnishing of the office itself.
PHOTO CREDITS
Cover page: AdobeStock. Inner pages:
William Lacalmontie (p. 6),
Romain Ruiz (p. 15, 20, 40, 46, 66, 72, 84),
Alain Buu (p. 16), Valérie Jacob (p. 16), Thomas Laisné (p. 16),
Nathalie Oundjian (p. 16), Laurent Ruben (p. 16),
Raphaël Soret (p. 24), Cyril Bailleul (p. 35), Jason Pillay (p. 40),
Roman Keller + Annette Gigon / Mike Ooshot Agency (p. 60),
Pierre-Eliott Roussel & Mickaelle Schmidt (p. 60),
Getty Images (p. 62), Guyer Architekten (p. 94).
CONTACTS
Media relations
Alexandre Garcia / agarcia@scor.com
Investor Relations
Yves Cormier / ycormier@scor.com
Design & Production:

Paris
Printing: Interface Graphic
33 bis rue Ledru Rollin
92 Suresnes
5 avenue Kléber
75116 PARIS
France
To learn more about SCOR’s strategy, goals,

commitments, and markets visit our website:
www.scor.com
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A YEAR OF

RISK & RESILIENCE

SCOR is fully mobilized to meet all the conditions required to

the twofold target

Denis Kessler — CHAIRMAN

Established in some 35 countries worldwide, the Group provides

INTERVIEW Ian Kelly

WEATHERING SCOR’S GROUP

gross written premiums

14.5% €5.1 bn €28.48

5 While IFRS17 does not consider will better demonstrate

GOVERNANCE making. The Board is composed of insurance, finance,

its employees and contribute to the sustainable

Diversity of nationalities (43,8% of non-French

SCOR’S BOARD OF DIRECTORS AS OF DECEMBER 31, 2022

CLAUDE TENDIL NATACHA VALLA ZHEN WANG FIELDS WICKER-MIURIN

Strategic Committee, Strategic Committee, Strategic Committee, Strategic Committee,

Sustainability is key to SCOR’s

20 Preventing the risks of tomorrow

24 Building a sustainable business

30 SCOR’s vision for a sustainable future

Resilience, through the capacity to absorb

Preventing the risks By deepening our knowledge and leveraging

OF TOMORROW discover how SCOR is concretely supporting the

“We can no longer

take today, so we are working

GROUP HEAD OF SUSTAINABILITY

HOW DOES Sustainability covers the have highlighted the urgency of

WHAT IS SCOR’S Our approach is to optimize work to improve resilience of

a sustainable WHAT DID SCOR

All of our knowledge, our expertise,

34 SCOR’s human capital, a key asset

38 Investing in our people

40 SCOR for Good

SCOR is committed to attracting, promoting, and

as an enabler GROUP HEAD OF DIVERSITY,

SCOR embraces diversity in its broadest sense,

SCOR FOR GOOD THE VOICE OF

and our employees’

90+ SCOR for Good and P&C Reserving

SCOR’s understanding of risks and

44 The Art & Science of Risk

46 When risks are opportunities

48 Understanding the expanding

50 Key emerging risks

56 A foundation for science

The Art & Science

CHIEF RISK OFFICER

WHAT DO WE MEAN The (re)insurance A core part of SCOR’s work

WHEN RISKS ARE

opportunities “risk culture,” which is about

are increasingly playing infectious Evolving

Impact and likelihood based on the worst-case scenario assessed

SCOR’s Emerging Risks Radar shows the relationships

BIODIVERSITY LOSS PLASTICS AND MICROPLASTICS

KEY EMERGING for the (re)insurance industry include impacts on Life

CLIMATE ENGINEERING be executed on a smaller scale by single countries,

A FOUNDATION FOUNDATION TIMELINE

for science Renewal of the SCOR-

It finances university chairs and specific research Foundation (completed)

projects, organizes conferences, publishes articles,

SCOR Actuarial Awards, a mark of excellence

FOUNDATION TIMELINE THE POSEIDON PROJECT