15 November 2017Insurance

Cat losses will boost pricing in commercial insurance: Zurich

The chief executive of Zurich Insurance Group will tell investors in the insurer that he expects the recent series of natural catastrophes to lead to an improving price trend in commercial insurance.

Mario Greco will today (Wednesday November 15) make a series of presentations to update investors and analysts on the progress of the company’s strategy for 2017 to 2019.

“The targets announced last year anticipated a weakening market trend. The recent events are a reminder of rising risk costs, and we expect that the impact of the events will lead to an improving price trend. This will further boost our ability to deliver on the targets for 2017-2019,” said Greco ahead of the event.

He stressed that the company had posted solid results in the first half of this year despite tough market conditions. The group’s business operating profit after tax return on equity was 12.5 percent, and it achieved cumulative cost savings of around $550 million toward the target of $1.5 billion, with the benefits from additional actions that are underway expected to flow through by the end of the year.

“In the face of challenging market conditions we continued to grow our businesses, improve our underlying performance and transform our approach to customer service,” said Greco, group chief executive officer. “This pattern of success gives us confidence that we will deliver on our targets and increase returns to our shareholders.”

Don't miss the latest industry news - Sign up to our free email newsletters

Reformed NFIP bill praised by industry groups

Xceedance invests in re/insurance blockchain startup

Ascot revises 2018 plan to anticipate steep growth in GWP

Liberty Specialty Markets enters project finance market

Italian insurers remain robust after Solvency II transition

Charles Taylor InsureTech targets life with new cloud-based platform

Sompo Canopius unveils innovative drilling policy

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
16 November 2017   Hurricanes Harvey, Irma and Maria (HIM), along with earthquakes in Mexico and California wildfires could result in 2017 being a record year for insured cat losses, according to Fitch Ratings' 'European Reinsurance Dashboard - 3Q17 Results'.
Insurance
9 November 2017   Zurich Insurance Group posted a steady set of results for the first nine months of the year but said that it anticipated improvements in pricing now on the back of the recent heavy cat losses in North America.
Insurance
19 October 2017   Multi-line insurer Zurich Insurance group said on Oct. 19 that it expects aggregate claims in the third quarter of 2017 related to hurricanes Harvey, Irma and Maria, for the group’s property & casualty business, to be approximately $700 million net of reinsurance and before tax.