Zurich has reported that insurance revenue and gross written premiums (GWP) in its Property & Casualty (P&C) segment rose by 5% each in Q1 2025, reaching $10.8 billion and $13.3 billion, respectively.
According to Zurich, the Q1 2025 growth was supported by higher premium rates of 4% in P&C, which was driven by a 5% rate change in Retail, while Commercial Insurance experienced a 3% increase in rates.
In Europe, Middle East and Africa (EMEA), GWP were reportedly up 7% on a like-for-like basis. Zurich explained that growth in excess of rates was driven by a strong performance from all countries across the region.
Meanwhile, Q1 2025 GWP in North America increased 1% on a like-for-like basis compared with the previous year as underlying growth was offset by planned management actions to improve portfolio mix and profitability.
In Asia Pacific, GWP were 6% higher on a like-for-like basis compared with the previous year, driven mostly by higher retail sales across the region.
Latin America saw an increase of 6% in GWP on a like-for-like basis, benefiting from strong growth in the commercial space primarily in Argentina, Brazil, and Mexico.
Additionally, Zurich disclosed natural catastrophe losses with a combined ratio impact of 3.2% in Q1 2025, compared to 1.6% in the same period of last year.
The increase was, of course, mainly driven by the losses from the California wildfires in January, which were said to be in line with the previously disclosed estimate.
Zurich also reported continued strength in its Life insurance segment, which built further on its positive momentum with robust top-line growth in the first quarter of the year.
Gross written premiums in the Life business rose 18% year-on-year to $9.4 billion, driven primarily by growth in unit-linked products and strong demand for a newly launched capital-efficient savings product in Spain.
“The protection business continued to expand, and the formation of the new consolidated Global Life Protection unit is expected to further accelerate growth during the 2025–2027 cycle,” the company stated.
At the same time, Zurich’s Farmers Exchanges business saw a 5% increase in gross written premiums in Q1 2025, supported by strong new business growth and improved customer retention.
“The surplus ratio stood at an excellent 42.6% as of March 31, 2025, well above the target range of 34% to 38%, reflecting exceptional underlying underwriting performance,” Zurich added.
Claudia Cordioli, Group Chief Financial Officer, commented, “Our businesses started the year positively, delivering revenue growth, underpinned by a strong capital position and expanding margins.
“With our geographically diversified business, outstanding track record and robust balance sheet, I am confident that we will continue to deliver on our targets despite the volatile environment.”
