Zurich: posts 3% rise in nine-month P&C premiums
(CercleFinance.com) - Zurich has recorded a 3% rise in nine-month property and casualty premiums, despite the hit from Covid-19, the global recession and a record number of hurricanes in the US.
Gross written premiums in property and casualty (P&C) rose to almost 27.3 billion dollars through September. On a like-for-like business, premiums also rose by 3%, the group said.
In its statement, the insurer cited "strong" growth in commercial insurance and further improvement in rates, saying premium rates increased in all regions.
At its life insurance business, annual premium equivalents fell by 19%, with an 8% drop on a like-for-like basis.
The group did not provide an outlook for full-year 2020, but said P&C claims related to Covid, net of reduced claim frequency, were unchanged at approximately 450 million dollars as of 30 September.
Its Zurich-listed shares were pretty flat (+0.4%) after this report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Gross written premiums in property and casualty (P&C) rose to almost 27.3 billion dollars through September. On a like-for-like business, premiums also rose by 3%, the group said.
In its statement, the insurer cited "strong" growth in commercial insurance and further improvement in rates, saying premium rates increased in all regions.
At its life insurance business, annual premium equivalents fell by 19%, with an 8% drop on a like-for-like basis.
The group did not provide an outlook for full-year 2020, but said P&C claims related to Covid, net of reduced claim frequency, were unchanged at approximately 450 million dollars as of 30 September.
Its Zurich-listed shares were pretty flat (+0.4%) after this report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.