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French reinsurance major SCOR has revealed that the ongoing Russia-Ukraine conflict will impact its Q1 2022 results.

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SCOR PO, the Russian subsidiary of SCOR, is directly impacted by the conflict and has paused underwriting new business in the country.

The conflict has impacted business lines such as political risks, credit and surety and aviation insurance.

“SCOR expects a Q1 2022 charge in the high double-digit EUR million range for potential claims related to the conflict across both treaty reinsurance and speciality insurance,” the reinsurer’s statement read.

SCOR said it has been keeping a close watch on the events, their impact, and the related sanctions.

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As the conflict continues, the estimates will also evolve, the reinsurer noted.

For the first quarter of 2022, the estimated hit from the Russia-Ukraine war is coupled with the cost incurred due to several natural catastrophes across the globe and the pandemic.

SCOR said: “These developments will have an adverse impact on SCOR P&C’s combined ratio and on SCOR L&H’s technical margin and are expected to result in a quarterly loss.”

SCOR is set to publish its Q1 2022 results on 6 May 2022.

The announcement follows SCOR’s decision to postpone its investor day, initially scheduled for 29 March 2022, due to the conflict.

Last month, France-based AXA decided to pause its insurance and reinsurance business in Russia and join its peers in the Russian exodus triggered by sanctions against Moscow.