Zurich Insurance Group releases Q1 2022 results

Of the P&C GWP within the interval, US$6.4 billion got here from Europe, Center East, and Africa (EMEA); US$4.6 billion, North America; US$823 million, Asia-Pacific (APAC); and US$671 million from Latin America.

“In EMEA,” famous Zurich, “GWP elevated 8% on a like-for-like foundation. Progress was pushed by a robust efficiency in quite a few international locations, most notably within the UK, Switzerland, and Germany. Premium charges elevated 9% in industrial insurance coverage and a couple of% in retail insurance coverage.

“North America grew 17% on a like-for-like foundation in contrast with the earlier yr, with crop insurance coverage contributing about 40% of the expansion. An total sturdy efficiency was supported by a 9% improve in charges.”

Equally, on a like-for-like foundation, P&C gross written premium in APAC and Latin America rose 11% and 21%, respectively.

Quinn acknowledged: “The struggle in Ukraine and the humanitarian disaster that it has triggered are virtually past comprehension. The group and the Zurich Basis have offered monetary and logistical assist. We’re particularly pleased with our colleagues who’ve opened their properties to households fleeing the struggle.

“Though the consequences of the struggle are anticipated to result in important losses for the insurance coverage trade, we don’t anticipate insurance coverage claims to be important for the group. Actually, the group has made a robust begin to the yr and expects to exceed all monetary targets for 2022.”

“We noticed an increase in premiums throughout the group, most notably in our North American property and casualty enterprise, the place crop insurance coverage and fee will increase drove double-digit top-line progress,” added the CFO. “Regardless of inflationary pressures, we anticipate charges to exceed loss-cost pattern properly into 2023.”

The insurance coverage group’s SST (Swiss Solvency Check) as of the tip of March is estimated at 234%.

Commenting additional, Quinn mentioned: “The optimistic working developments within the first quarter, along with the group’s very sturdy stability sheet, give us confidence that we are going to efficiently conclude the present strategic cycle later this yr.”