Zurich Insurance Group, which turned 150 years previous in October, has revealed the insurer’s gross written premium (GWP) figures for the primary 9 months of 2022.
GWP for property and casualty (P&C) amounted to $33.5 billion in 9M, representing a rise from the identical interval in 2021. Broken down by area, North America contributed $16.2 billion in P&C GWP; Europe, Middle East, and Africa’s share was $14.1 billion; Asia-Pacific, $2.6 billion; and Latin America, $2 billion. All 4 markets reported greater GWP.
As for the opposite operations, Zurich’s life annual premium equal went down 6%, whereas GWP from Farmers Exchanges grew 11%.
Group chief monetary officer George Quinn famous: “The group continues to be on monitor to exceed its strategic and monetary targets for the 2020-2022 cycle. We noticed sturdy premium will increase throughout the group, most notably in our North American property & casualty enterprise, the place fee will increase drove double-digit top-line progress. We anticipate margin traits in our industrial insurance coverage enterprise to be constructive into 2023.
“The life business continues to experience positive operating trends which are offset by the effects of the strong US dollar and weaker financial markets. Farmers is demonstrating strong, rate-driven growth.”
The CFO went on to explain Zurich’s capital place as wonderful. Quinn added: “The strong delivery through this strategic cycle positions us well as we look forward to setting out our plans for the next three-year cycle at our upcoming Investor Day.”
Zurich’s Swiss Solvency Test ratio, as of the tip of September, is pegged at 252%.