Zurich first quarter property and casualty gross written premium (GWP) has risen 10%, excluding currency moves, following rate increases across key regions. 
 
GWP in reported US dollar terms rose 6% to $US11.97 billion (17.98 billion), with gains of 10% in both North America and Asia Pacific, 16% in Latin America and 1% in Europe, Middle East and Africa. 
 
In Asia Pacific, GWP increased 18% on a like-for-like basis to $US885 million ($1.33 billion), driven by rebounding travel insurance sales in Australia and higher retail sales across the region.  
 
The financial update marked the first released by Zurich under new accounting standard IFRS 17. The company provided figures on both a GWP basis and according to the new insurance revenue reporting rules. 
 
CFO George Quinn says the group has made a strong start with robust property and casualty growth. 
 
“Underlying commercial insurance margins have continued to improve but we are being cautious about recognising the full benefit as we gain familiarity with the new accounting standard,” he said. 
 
“Retail markets are seeing higher prices on renewal and margins will improve over the course of the year as earned rates start to exceed loss cost trends.”  
 
Mr Quinn says the life business has seen strong growth in new business volume, while in the short term, business mix has reduced margins. 
 
First quarter life new business premiums increased 17% in US dollar terms, and 23% on a like-for-like basis.