Zurich Australia is refining its strategy but has no intention of quitting the local market, the group’s Asia-Pacific General Insurance CEO Stuart Spencer says.

He says Zurich “could not be more committed to this market”.

“We have thousands of small and medium-sized customers, operators as well as corporates, who rely on us as their insurer,” Mr Spencer told insuranceNEWS.com.au in an exclusive interview.

“So let me dispel any speculation – Australia is a long-term vital strategic market for Zurich.”

Mr Spencer, who has been in the Hong Kong-based regional role since September 2013, says he and his Australian team have “crystallised our market focus to those areas where we have advantages”.

He says the Australian market represents about one-third of the Asia-Pacific’s group’s business “and we have a significant role to play in this market. We have a terrific leadership team here and the teamwork is the best I’ve seen.”

He says that in terms of size, Zurich Australia is in the middle of the insurance pack.

“But we never wanted to be the biggest. We are the leaders in the middle. We are clear where we want to be. We’re focused at the size that we are.

“Admiration and respect is more important than scale. We will compete more aggressively in our chosen segments.”

Mr Spencer is running a regional strategy designed to ensure Zurich operations play to their strengths.

“We concentrate on understanding the general insurance demand and developing propositions where we have the capabilities,” he told insuranceNEWS.com.au.

“We are focused on customer retention and key areas we are good at. But we have no intention of being all things to all people.”

He says a replacement for CEO Daniel Fogarty, who left the company last month, is being sought. In the meantime Rajbir Nanra is Acting CEO.

“We will make the right choice by continuing to undertake a comprehensive due diligence,” Mr Spencer said. 

Asked how long the recruitment process might take, he replied: “We will take whatever time is needed.”