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    Home»Insurance»Zurich Insurance expects $550 million impact from Hurricane Ian, but on track to beat targets
    Insurance

    Zurich Insurance expects $550 million impact from Hurricane Ian, but on track to beat targets

    November 10, 20222 Mins Read
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    Zurich Insurance Group expects a net hit of $550 million before taxes from Hurricane Ian, he said on Thursday, although it remains on track to beat its 2020-2022 financial targets, helped by rising premium rates.

    Insurers face the potential losses of up to $60 billion of Hurricane Ian, which tore through Florida and the Carolinas in September in what could be the second-largest natural disaster in US history.

    Climate change contributes to the increase in losses of insurers in the event of natural disasters.

    Europe’s fifth-largest insurer said it saw its overall catastrophe loss ratio for the first nine months about two percentage points above long-term trends.

    Zurich is hosting an Investor Day next week where it will set its 2023-2025 goals.

    “The group continues to be on track to exceed its strategic and financial targets for the 2020-2022 cycle,” Group Chief Financial Officer George Quinn said in a statement, highlighting “robust premium increases in the whole group”.

    Zurich reported property and casualty insurance premiums rose 8% to $33.5 billion in the first nine months, a gain of 13% on a like-for-like basis.

    The insurer said The annual premium equivalent (APE) of new business in life insurance decreased by 6% but increased by 2% on a like-for-like basis after adjusting for exchange rate fluctuations, acquisitions and disposals.

    Zurich’s Swiss Solvency Test (SST) capital ratio was estimated at 252% as of September 30, compared to 212% a year ago, a sign of greater capital solidity.

    (Reporting by Michael Shields in Zurich and Carolyn Cohn in London, editing by Miranda Murray)

    Topics
    Disaster
    Natural disasters
    Hurricane

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