Zurich tops satisfaction index for car and home insurance
by Gill Montia
Story link: Zurich tops satisfaction index for car and home insurance
Zurich has taken the lead in a new customer satisfaction survey introduced by CFI Group.
The US-based company has launched its first UK National Customer Satisfaction Index (NCSI-UK) for home and car insurance providers.
Zurich achieved a score of 79 on a 100 point scale, slightly above the average satisfaction level of 77.
Other notable performers were RBS’s […]
Zurich launches takaful venture
by David Masters
Story link: Zurich launches takaful venture
Switzerland-based Zurich Financial Services Group has established a joint Islamic insurance venture with Abu Dhabi National Takaful Company (ADNTC).
The joint venture, called Zurich Takaful Company Limited, will be based in Dubai at Dubai International Finance Centre (DIFC) and will deal with family takaful businesses across the Middle East.
It is 51% owned by Zurich and 49% […]
Hurricanes wipe $600m off Zurich balance sheet
by David Masters
Story link: Hurricanes wipe $600m off Zurich balance sheet
Switzerland-based Zurich Financial Services Group has estimated its pre-tax aggregate claims payouts from hurricanes Gustav and Ike at $600 million (€466.1 million).
The figure, to be included in Zurich’s nine month interim results, is net of reinsurance recoverables, and includes reinsurance reinstatement premiums.
The vast majority of the payouts, $545 million, relate to Ike, whilst $55 million […]
Britons fearful of flooding yet unprepared
by Gill Montia
Story link: Britons fearful of flooding yet unprepared
Zurich has been examining the extent of public awareness over flood risk.
In a recent survey of UK homeowners, the insurer found that 65% of people questioned did not feel prepared in the event of a flood occurring in their area.
Forty-four per cent of respondents were not aware of what flood cover is provided in their […]
Zurich announces double acquisition in Brazil
by David Masters
Story link: Zurich announces double acquisition in Brazil
The Brazilian unit of Zurich Financial Services has announced the acquisition of two Brazil-based insurance companies from Banco Mercantil do Brasil.
In a deal worth up to £120 million, Switzerland-based Zurich will acquire an 87.35% stake in Companhia de Seguros Minas Brasil and a 100% stake in Minas Brasil Vida e Previdência.
Zurich will pay £89 million […]
Zurich and Banco Sabadell sign agreement
by Richard Kilner
Story link: Zurich and Banco Sabadell sign agreement
Zurich Financial Services Group has signed an agreement with Banco Sabadell S.A. which gives Zurich a 50% stake in Sabadell’s life insurance, pension and general insurance operations.
The deal also marks a long-term strategic partnership in the field of distribution, and means that Zurich will now become the second largest insurer in Spain.
Zurich will take management […]
Zurich withdraws from RBS Insurance bidding
by Gill Montia
Story link: Zurich withdraws from RBS Insurance bidding
Zurich Financial Services Group has confirmed that it is withdrawing from any further discussion with Royal Bank of Scotland (RBS) over the acquisition of the latter’s insurance business.
The move has raised questions over the viability of RBS’s proposed sale of the division, which includes Churchill, Direct Line, Privilege, UKI and NIG.
The brands currently hold one-third […]
AIRMIC negotiates “reservation of rights” protocol
by Gill Montia
Story link: AIRMIC negotiates “reservation of rights” protocol
The Association of Insurance and Risk Managers (AIRMIC), which represents the insurance buyers and risk managers of leading UK companies, is questioning the current use of “reservation of rights”, whereby a policyholder receives notice that the insurer may not accept liability for a claim.
The association is aware that some insurers make routine use of “reservation […]
Zurich to axe 900 UK staff
by David Masters
Story link: Zurich to axe 900 UK staff
Zurich Financial Services is to axe the jobs of up to 900 UK staff as part of a drive to cut costs 10% by the end of 2008.
This cost cutting exercise has been made necessary by extremely difficult market conditions and strong competition.
According to Zurich, the job cuts will ensure a sustainable and profitable future […]
Strong Q1 for Zurich
by David Masters
Story link: Strong Q1 for Zurich
Zurich Financial Services Group has reported its first quarter results, with net profit up 3% on year despite a higher number of claims.
The Switzerland-based insurance provider - the fourth largest in Europe - reported total net profit of $1.43 billion. This is compared to $1.39 billion for the first quarter of 2007.
The results exceeded […]
Zurich UK sees 72% fall in profits
by David Masters
Story link: Zurich UK sees 72% fall in profits
Zurich UK’s General Insurance business has announced operating profits for 2007 of £91 million, representing a 72% fall compared to 2006.
The business recorded premiums of £2.06 billion for 2007, only marginally less than the £2.065 billion for the previous year.
Zurich UK’s combined ratio, however, rose to 104.8%, largely as a result of the UK floods. […]
‘Excellent’ 2007 results for Zurich
by David Masters
Story link: ‘Excellent’ 2007 results for Zurich
Zurich has reported its results for 2007, with net income rising 22.3% to $5.6 billion.
Their gross written premiums and policy fees were up 4% on the previous year, increasing to $35.7 billion. Their combined ration fell 1.7% to 95.6%.
In a statement about the results, the company said that they had experienced healthy growth in […]
Zurich recruit Quinton to lead Retail and Partnerships
by Richard Kilner
Story link: Zurich recruit Quinton to lead Retail and Partnerships
Mike Quinton has been named by Zurich as their new managing director of Retail and Partnerships. He will take up the role from 1 January 2008.
He will succeed Mark Searles, the firm’s chief marketing officer, who has supervised the retail business since 2007’s start.
Searles has been credited with massive improvement in the retail business and […]
Zurich Announce Experian Partnership
by Stewart Douglas
Story link: Zurich Announce Experian Partnership
Personal lines insurer Zurich has today announced a strategic development deal with information services group Experian that will see it overlook the company’s marketing campaigns over the course of the next year, particularly within its home and motor cover products.
The agreement will see Experian, best known for its credit rating information services, assist Zurich through […]
Motor fleet insurance sold in online auction
by Gill Montia
Story link: Motor fleet insurance sold in online auction
Direct Fleet Insurance (DFI), a new online company providing commercial vehicle fleet insurance, has been launched.
The business model is based on the principle of the online auction in that a fleet operator or broker will submit details of the fleet, and insurers will then proceed to “bid” for the policy.
During the process both buyers and […]
Zurich Appoints Coleman To Personal Lines at Broker Division
by Stewart Douglas
Story link: Zurich Appoints Coleman To Personal Lines at Broker Division
Insurance giant Zurich has announced its high profile appointment of Richard Coleman to serve as the head of product lines in the broker division, seeing him move from his current role within the organisation.
The move will see Coleman take over the personal insurance lines division of Zurich’s broker operation through his internal appointment, rounding off […]
Zurich reminder to homeworkers
by Gill Montia
Story link: Zurich reminder to homeworkers
Zurich is reminding homeworkers to check out their insurance to make sure the “office at home” is covered.
The insurer has published the results of a survey indicating a steady rise in the numbers of people working from home.
Nearly 30% of the respondents estimated that they are based at home for around 10% of each working […]
