Travel insurance spurs Zurich’s Asia Pacific growthNovember 9 2018 by InsuranceAsia News Staff
Zurich’s gross written premiums in Asia Pacific climbed 15% on a like-for-like basis to US$2.03 billion in the first nine months of 2018 compared with the same period last year.
Around two-thirds of the increase resulted from growth in its Australian travel business; last year the Swiss insurer completed the acquisition of international travel insurance firm Cover-More for around US$550 million and since the deal the majority of Cover-More’s underwriting moved to Zurich Australia.
The firm said the balance of Asia-Pacific P&C growth was “largely resulting from growth in Japan and Malaysia.”
Zurich is expanding in the region through the acquisition of One Path Life in Australia from ANZ for US$2.1 billion – a deal expected to be completed by the end of the year.
George Quinn, Zurich’s group chief financial officer, commented: “We are pleased with the development of our businesses over the first nine months of the year and are on track to achieve our 2017-2019 financial targets.
“Life continues to perform very strongly … in property and casualty we continue to focus on profitability over volumes in what remains a challenging environment. We have also continued to execute on our strategy with the announced acquisition of Adira Insurance in Indonesia and the integration of the acquired QBE businesses in Latin America.”
Overall the firm’s premiums in the first nine months across the globe were around US$45 billion.
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