Zurich Insurance Group posts GWP numbers

Zurich Insurance Group posts GWP numbers

Zurich Insurance Group, which turned 150 years previous in October, has printed the insurer’s gross written premium (GWP) figures for the primary 9 months of 2022.

GWP for property and casualty (P&C) amounted to $33.5 billion in 9M, representing a rise from the identical interval in 2021. Broken down by area, North America contributed $16.2 billion in P&C GWP; Europe, Middle East, and Africa’s share was $14.1 billion; Asia-Pacific, $2.6 billion; and Latin America, $2 billion. All 4 markets reported increased GWP.

As for the opposite operations, Zurich’s life annual premium equal went down 6%, whereas GWP from Farmers Exchanges grew 11%.

Group chief monetary officer George Quinn famous: “The group continues to be on monitor to exceed its strategic and monetary targets for the 2020-2022 cycle. We noticed strong premium will increase throughout the group, most notably in our North American property & casualty enterprise, the place charge will increase drove double-digit top-line progress. We anticipate margin developments in our business insurance coverage enterprise to be constructive into 2023.

“The life enterprise continues to expertise constructive working developments that are offset by the results of the robust US greenback and weaker monetary markets. Farmers is demonstrating robust, rate-driven progress.”

The CFO went on to explain Zurich’s capital place as wonderful. Quinn added: “The robust supply by way of this strategic cycle positions us effectively as we look ahead to setting out our plans for the subsequent three-year cycle at our upcoming Investor Day.”

Zurich’s Swiss Solvency Test ratio, as of the tip of September, is pegged at 252%.