Zurich increases premiums to offset job cuts risk
by David Masters
Zurich Financial Services aims to avoid job cuts by increasing premiums, chief executive James Schiro has revealed.
Asked by the Sonntag newspaper whether Zurich would be cutting jobs, Schiro said: “I hope not.
“The insurance industry is still doing well.
“Life insurance is in demand, people are driving less and therefore there are fewer accidents.”
However, he added that premiums are set to increase as business risks rise and investment revenue falls.
“We have to be very careful with our capital. We need it to cover the claims of our customers,” Schiro said.
Asked about the possibility of acquisitions, Schiro said Zurich’s focus will be on organic growth in growing markets such as China, Latin America, Russia, Spain, and Eastern Europe.
Schiro said he plans to return to America when he steps down from his position later this year.
He confirmed that he has no intention of becoming Zurich chairman.