Zurich expects pricing uplift
Zurich’s property and casualty gross written premium (GWP) hit $US25.35 billion ($33.02 billion) in the nine months to September 30, up 1% on the corresponding period last year.
Asia-Pacific GWP increased 8% in local currency to $US1.75 billion ($2.28 billion), “reflecting the incremental premium from underwriting the Cover-More travel [insurance] business in Australia”.
Aggregate claims in the third quarter from hurricanes Harvey, Irma and Maria are estimated at $US700 million ($911.77 million), net of reinsurance and before tax.
Group CFO George Quinn says third-quarter natural catastrophes are expected to “drive improvements in pricing across our business”.
“I am pleased with the development of our businesses in the year to date, particularly against a challenging industry backdrop,” he said.
Zurich’s interim management statement no longer includes a full earnings release, instead concentrating on “higher-level revenue metrics”.