Gross written premium in Zurich’s property and casualty (P&C) division grew slightly to $US25.87 billion ($35.61 billion) in the first three quarters, from $US25.35 billion ($34.9 billion) in the corresponding period last year.

Premium growth in the Asia-Pacific region and Latin America was offset by planned action to increase Zurich’s profitability in North America.

Group CFO George Quinn says the insurer continues to focus on profitability over volume in a challenging P&C environment.

The group is on course to achieve its targets for the next two financial years, he says.

Weather and catastrophe losses were slightly above expected levels in the nine months, and fourth-quarter losses from Hurricane Michael are expected to hit $US175 million ($240.91 million).

Zurich’s life insurance annual premium increased to $US3.57 billion ($4.91 billion) in the period from $US3.47 billion ($4.78 billion).