Zurich property & casualty unit post smaller premium for Q3

Sakiru Oyefeso

Zurich Financial Services said its gross written premiums for the third quarter of the year fell by only rising by 1% on a like-for-like basis, with improved new business and customer retention.

The nominal growth in its Property & Casualty (P&C) units shows the Zurich is not seeing major growth as far that unit is concerned when compares to Allianz and other pairs.

“I am pleased with the development of our businesses in the year to date, particularly against a challenging industry backdrop in the third quarter. We expect the third quarter natural catastrophe events to drive improvements in pricing across our business,” said Group Chief Financial Officer George Quinn.

He added that “New business volumes and customer retention in Property & Casualty and Life are both up, while the Farmers Exchanges1 continue to deliver consistent growth. The Group is strongly capitalized and has continued to make progress against its strategic targets.”