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Zurich Insurance on track to hit targets as P&C premiums rise -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Zurich Insurance logo seen in an office building, Zurich, Switzerland. August 9, 2018. REUTERS/Arnd Wiegmann

ZURICH (Reuters) – Zurich Insurance Group (OTC:) expressed confidence in hitting its 2022 targets on Thursday while reporting property and casualty (P&C) premiums rose 11% on a like-for-like basis in the first nine months.

“P&C gross written premiums continue to benefit from the improvement in the pricing environment. “Recent claims events will increase the hard market with the gap between rate hikes and loss-cost inflation likely to continue for longer than expected,” George Quinn (CFO), stated.

“Technical profit is expected to keep improving despite catastrophic losses that are between 3 and 4 percentage points above the long-term average.”

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