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While California wildfires and Hurricane Laura are part of the day-to-day business of reinsurers, COVID-19 has understandably created a more daunting challenge for the industry. The persistent uncertainty around the pandemic has weighed on the share price of reinsurers, with Paris-based SCOR SE (SCRYF, SZCRY) trading 34% below its February level.
The current price, in my opinion, reflects a pessimistic scenario that leaves room for potential upside. In particular, I consider the current discount against European peers Swiss Re (SSREF, SSREY), Munich Re (MURGF, MURGY) and