P/C lifts premiums at Zurich

Property/casualty business has lifted premiums for Zurich Insurance Group. The multi-line insurer posted a 2% rise in nine month P/C GWP, putting it on track to beat its targets. It is anticipated that this increase will have a positive effect on net earned premiums in 2020.

Compared with the same period last year, this represents a 7% increase in premiums, adjusting for currency movements, with further rate acceleration in the third quarter, from £20.2bn to £20.6bn.

"We are pleased with the development of the group year to date with continued progress against both our strategic and financial plans, including additional distribution agreements," chief financial officer, George Quinn said. "We expect to exceed all of the targets that we set in 2016."

Natural disaster claims increased after a reasonable number of claims in the first half of 2019, and coverage for some 90,000 travellers from Germany who had booked holidays with Thomas Cook and were stranded abroad, also made an impact.

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