Zurich Insurance Group has posted a 14% rise in property and casualty (P&C) gross written premium to $US31.15 billion ($42.72 billion) for the nine months to September from the corresponding period last year.

Growth in retail business in Australia and Japan and the strong rate environment supported the improvement, the insurer said in an update last week.

In Asia Pacific, GWP increased 11% to $US2.4 billion ($3.3 billion) and 8% on a like-for-like basis, adjusting for currency movements, acquisitions and disposals.

The Australian market benefitted from a partial recovery of travel insurance as well as growth in commercial insurance.

“P&C gross written premiums continue to benefit from the improvement in the pricing environment,” Group CFO George Quinn said.

“Recent claims events are likely to extend the hard market, with the gap between rate increases and loss cost inflation likely to persist for longer than previously expected.”

North America P&C GWP surged 16% to $US14.28 billion ($19.6 billion) and Europe, Middle East and African achieved a 13% increase to $US14.04 billion ($19.3 billion).