Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Stock

Zurich Insurance reports 6% P&C revenue growth despite catastrophe losses

Investing.com — Zurich Insurance Group (SIX:ZURN) reported a 6% increase in its Property & Casualty (P&C) insurance revenue for the first nine months of 2024, marking steady growth despite a challenging market landscape.

The company reported $160 million in claims from Hurricane Helene and $200 million from Hurricane Milton. While significant, these losses are in line with industry averages

The North American division, a major contributor to P&C revenues, posted a 6% rise in premiums, driven by rate increases.

However, there was a drag that came from the U.S. crop insurance segment.

Falling commodity prices shaved $500 million off premiums, reflecting the direct impact of market volatility on the insurance pricing mechanism.

“In our view, this is of no consequence and thus the ex-crop growth figures are more meaningful,” said analysts at Jefferies in a note.

Regional performance varied, with Latin America leading the pack in P&C growth at 14% on a like-for-like basis, followed by Asia Pacific at 9%.

The European market also delivered an 8% increase, underscoring the breadth of Zurich’s growth across key geographies.

Meanwhile, North America was flat but showed a 3% rise when crop insurance was excluded, aligning with the group’s broader growth trends.

Zurich’s performance in catastrophe-prone areas remained under scrutiny, with Morgan Stanley (NYSE:MS) analysts pointing out that higher-than-expected losses from natural disasters weighed on overall earnings.

The group’s catastrophe loss ratio stood at 3.4% for the nine-month period, surpassing initial expectations.

Despite these challenges, Zurich’s focus on underwriting discipline and portfolio optimization has allowed it to maintain profitability.

Farmers Exchanges, another key component of the group, reported a combined ratio of 93.5%, underscoring strong underwriting performance.

This post appeared first on investing.com
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    The Gateway Pundit, a far-right website, published a note from its editor on Saturday acknowledging that two election workers in Georgia did not engage...

    Latest News

    New majorities in Congress, particularly when the incoming party has a new leader, offer the rare chance for the institution to take a breath...

    Latest News

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

    Investing

    JAKARTA (Reuters) -Indonesia has asked Alphabet (NASDAQ:GOOGL)’s Google and Apple (NASDAQ:AAPL) to block Chinese fast fashion e-commerce firm Temu in their application stores in...



    Disclaimer: alivebusinessplan.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 alivebusinessplan.com