Zurich Insurance Group's Nine-Month Premiums Rise in P&C Division
November 09 2017 - 1:47AM
Dow Jones News
By Euan Conley
Zurich Insurance Group AG (ZURN.EB) posted its nine-month
results on Thursday, with a slight rise in gross written premiums
in its core property and casualty business, which the company
attributed to customer retention and new business.
Gross written premiums--the total premium before deductions for
reinsurance or ceding commissions--for the nine months ended 30
Sept. at the Swiss-based insurer's property and casualty division
rose by 1% on a like-for-like basis to $25.35 billion. On a
reported basis, the premiums declined slightly.
"We expect the third quarter natural catastrophe events to drive
improvements in pricing across our business," said George Quinn,
Zurich's chief financial officer.
The company referred to other "natural catastrophe and weather
related events" during the third quarter including Mexican
earthquakes and severe storms and floods in EMEA and Asia.
Zurich had said in October that it expected to pay out aggregate
third-quarter claims of $700 million related to hurricanes Harvey,
Irma and Maria.
Write to Euan Conley at euan.conley@wsj.com
(END) Dow Jones Newswires
November 09, 2017 01:32 ET (06:32 GMT)
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