george-quinn-cfo-zurich-insurance-group-1
12 May 2022Insurance

Zurich confident to exceed all 2022 targets; claims ‘immaterial’ exposure to war

Swiss insurer  Zurich Insurance Group made a strong start to the year with a 8% jump in its property/casualty premiums, thanks to growth in commercial insurance and further improvement in pricing driving an expansion in margins. The carrier claimed “immaterial” direct exposure to Russia and Ukraine through its P&C operations and investment portfolio.

Gross written premiums P&C in the first quarter of 2022 rose 8%, with growth of 12% on a like-for-like basis, to $12 billion compared with the previous year. It was driven by growth in all geographies, especially in North America where the premiums grew by 17%, boosted by the group’s crop insurance franchise and rate increases of 9%.

Life new business annual premium equivalent (APE) increased 14% on a like-for-like basis, and the Farmers Exchanges reported an increase of 29%.

Zurich’s group chief financial officer George Quinn (pictured) said he is “confident” to exceed all financial targets for 2022 given the positive operating trends in the first quarter and its “very strong” balance sheet.

“We saw a rise in premiums across the Group, most notably in our North American Property & Casualty business, where crop insurance and rate increases drove double-digit top-line growth.

“Despite inflationary pressures, we expect rates to exceed loss-cost trend well into 2023,” he said.

Commenting on the group’s exposure to the war in Ukraine, Quinn said: “The war in Ukraine and the humanitarian crisis that it has triggered are almost beyond comprehension. Although the effects of the war are expected to lead to significant losses for the insurance industry, we do not expect insurance claims to be significant for the Group.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

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
20 May 2022   The business has been sold to the local team for an undisclosed sum.
Insurance
18 May 2022   The carrier has hired a new chief financial officer of commercial insurance.
Insurance
6 May 2022   The insurer aims to extend its efforts ‘beyond reducing our own carbon footprint’.