The growth has been attributed to the flourishing commercial and retail insurance sectors.
Breaking down the revenue figures, the EMEA region contributed $12.7 billion, North America accounted for $15.2 billion, Asia Pacific saw $2.6 billion, and Latin America registered $2.2 billion. Notably, all regions exhibited substantial improvements compared to the corresponding period last year.
Gross written premiums (GWP) in the P&C sector also experienced a noteworthy 9% surge on a like-for-like basis, adjusting for currency fluctuations. In US dollar terms, the increase was 8%, reflecting the strengthening of the U.S. dollar against major currencies, as explained by Zurich.
The growth in revenue and premiums was fuelled by higher premium rates in P&C, particularly with a notable 7% increase in commercial insurance rates. In the EMEA region, GWP rose by 7%, driven by strong performances in both retail and commercial insurance across all countries. North America witnessed a 7% GWP growth, supported by a 9% rate change, primarily driven by property and motor lines, though offset by reduced crop volumes due to less favorable commodity prices.
Asia Pacific experienced an 11% increase in GWP, attributed to rebounding travel insurance sales in Australia and higher retail sales across the region. Meanwhile, Latin America saw an impressive 32% surge in GWP, benefiting from robust commercial growth and increased retail sales, notably in Brazil and Mexico.
Zurich’s Life business also reported positive results, with new business premiums increasing by 21% in U.S. dollar terms and 23% on a like-for-like basis during the first nine months. This growth was observed in EMEA, Asia Pacific, and Latin America.
The Farmers Exchanges, owned by policyholders, reported a 2% growth in GWP during the first nine months. Despite a reduction in commercial rideshare business volumes in the first quarter, the underlying GWP, excluding this segment, increased by 5%. Zurich said the Farmers Exchanges’ focus on improving underwriting performance, with a distinct third-quarter combined ratio (excluding catastrophe losses) of 91.0%, showcasing improvement compared to previous quarters.
George Quinn, Group Chief Financial Officer, said: “We maintained momentum in the third quarter, delivering continued top-line growth following a very strong first half of the year and a great start to the new financial cycle.
“This makes us confident that we’ll be able to finish the year strongly and achieve our financial targets for 2023–2025.”
Join Zurich leaders in Hong Kong at Insurtech Insights Asia 2023
Leaders from Zurich will be speaking at the Insurtech Insights Asia 2023 conference, at the Kerry Hotel on December 6th and 7th.
Jon Ford, Head of Partnerships, APAC for Zurich, will be a panelist in the session entitled: “Transformation Demystified – Driving Digitalisation”
For more information on speaker opportunities, events, sponsorships and tickets for the upcoming Insurtech Insights Asia 2023 conference, visit here
Author: Joanna England
