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Zurich Insurance Group's on Thursday joined other big European insurers in reporting a strong rebound in earnings as the impact from COVID-19 on their ....
Wednesday, 12 May 2021 07:20 Zurich Start Sees Higher Commercial Premiums );} Switzerland s largest insurer had a strong start to the year as they were able to force through higher premium rates in commercial insurance. Gross written premiums in the property and casualty business were up 14 percent in the first quarter in U.S. dollar terms, the company in a statement on Wednesday. On a like-for-like basis, they were up 9 percent. Growth was driven by higher premium rates in commercial insurance, which the insurer managed to drive through in spite of the pandemic. New Retail Clients In the life business, Zurich focused on high-margin products, with the new business margin rising more than eight percent to 31.8 percent although gross premiums fell 4 percent. ....
Zurich Insurance Expects Limited Exposure to Greensill Collapse Zurich Insurance does not expect to have a major exposure to the failure of supply chain financing firm Greensill Capital, the insurer’s chief financial officer said on Wednesday after it reported solid first-quarter earnings. Greensill Capital lent money to firms by buying their invoices at a discount but it collapsed in March 2021 after one of its main insurers declined to renew its cover. Among the investors burnt in the widespread fallout were clients of Swiss banking giant Credit Suisse, steel magnate Sanjeev Gupta’s GFG Alliance and some 26 German towns. Zurich, a major player in the trade credit insurance market, is one of several insurers which are unsecured creditors to Greensill’s UK business, according to administrator Grant Thornton’s report published last week. ....
For Europe, Middle East and Africa (EMEA), GWP increased by 5% as at 31 March to $6.2m (£4.39m) on a like-for-like basis. Growth here was driven by commercial insurance, which was notable in the UK as well as in Germany and Switzerland. Zurich’s group chief financial officer George Quinn said: “The group has made a strong start to the year and remained on track with its strategy and financial plans in the first quarter. ”During the quarter, the group has taken full advantage of the hard pricing conditions in the commercial business to deliver strong growth and further improvements in the underlying underwriting performance of the P&C business. ....