LONDON (Reuters) – Zurich Insurance Group posted on Thursday a rise in its 9-month premium revenue and said that its exposure to Hurricanes Helene and Milton, which recently wreaked havoc in the United States, would be under $360 million.
Zurich, Europe’s fifth-largest insurer, said its third-quarter results included an estimated pre-tax loss for Hurricane Helene of $160 million. It expects preliminary fourth-quarter pre-tax losses due to Hurricane Milton to touch below $200 million.
Analysts expect up to $55 billion in insured losses from the two major calamities.
Gross written premiums at Zurich’s property and casualty business rose 4% in the first nine months of 2024 to $36.13 billion, up from $34.59 billion a year earlier, due to increasing rates in its commercial insurance and retail segments. Rates rose 5%.
Insurance premiums have been rising in the past few years in response to inflation and to losses from the COVID-19 pandemic, wars and natural catastrophes.
However, global commercial insurance rates fell 1% in the third quarter, the first quarterly decline in seven years, according to broker Marsh.
Zurich’s life insurance new business premium rose 6% on a like-for-like basis that adjusts for currency movements, acquisitions and disposals.
Zurich will present fresh three-year financial targets on Nov. 21, one year ahead of schedule, after the insurer reiterated on Thursday that it was on track to exceed all its current targets.
“Our nine-month results confirm the continued strong momentum across all of Zurich’s businesses,” Chief Financial Officer Claudia Cordioli said in a trading statement.
Zurich’s Swiss Solvency Test ratio, a key measure of its capital strength, came in at 224%, against a forecast of 220%, according to a company-compiled consensus poll.
(Reporting by Carolyn Cohn and Bartosz Dabrowski; Editing by Rachel More and Sherry Jacob-Phillips)
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel