Reinsurance News

Zurich notes improved P&C pricing trends in the first-quarter

9th May 2019 - Author: Luke Gallin

Global insurer Zurich has report growth across all regions within its property and casualty (P&C) business in the first-quarter of 2019, while the firm remains on track to meet or exceed its full-year targets.

Zurich LogoThe P&C segment recorded like-for-like premium growth of 4% in Q1 2019 to $9.2 billion. However, in US dollar terms P&C premiums actually declined year-on-year by 2%, which the firm attributes to currency movements and the previously announced disposal of the ADAC business in Germany.

During the first-quarter of this year, Zurich says that it experienced price increases of roughly 2%.

Within its P&C segment, the EMEA region experienced like-for-like premium growth of 4%, North America recorded like-for-like premium growth of 4%, and Asia Pacific and Latin America reported like-for-like premium growth of 2% and 1%, respectively.

Zurich Group Chief Financial Officer (CFO), George Quinn, said: “We are pleased with the strong development of the Group over the first quarter of the year, underlining our focus on delivering on our strategy and financial plans. We expect to meet or exceed all of our targets this year.

“P&C pricing trends have improved in the first quarter and the Group’s Life business continues to perform strongly. Farmers Exchanges are also delivering on their key strategic priorities, positively impacting our fee income. The Group is well-positioned to meet the growing expectations of customers in the digital era and continues to strengthen its customer and partnership propositions by adding new distribution agreements.”

Zurich’s life segment saw its annual premium equivalent (APE) volumes increase by 2% on like-for-like basis, although in US dollar terms, the unit reported a 6% decline in premium.

The global insurer has also reported continued growth across its Farmers Exchanges in the first-quarter of 2019, with gross written premiums from continuing operations up by 2%.

Looking forward, and the company is confident that it will either meet or exceed all of its 2017 to 2019 targets.

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