Zurich Insurance Group saw an increase in corporate insurance sales and a modest effect on COVID-19 claims during the first nine months of the year, according to its third quarter report.
Growth was supported by higher premium rates, which continued in the third quarter. Europe, the Middle East and Africa (EMEA) in the third quarter.
“During the third quarter, the Group continued to effectively manage the unprecedented demanding situations of COVID-19, a recession, and a record number of grounding hurricanes in the United States,” said George Quinn, the group’s chief financial officer.
In the EMEA area, gross premiums issued from Zurich increased by 7% compared to last year. Growth was driven by advertising insurance, particularly in Germany, Switzerland and the United Kingdom. in the 3rd trimester.
North America grew by 4% over the past year, with expansion driven mainly by rate increases.
In Asia-Pacific, gross written premiums decreased 11%, with expansion in Japan offset by a relief in insurance in the region. Gross written premiums decreased 7% in Latin America, with measures to save you from the spread of COVID -19 and reduction in economic activity that impacts sales in the mass consumer sector.
COVID-19 damage claims remained unchanged at approximately $450 million as of September 30, 2020. Quinn stated that the company does not expect COVID-19 claims to have a significant effect in the future.
The third trimester was characterized by a season of typhoons in the active Atlantic, with Hurricanes Hanna, Isaias, Laura and Sally touching ground in the United States. In addition to other weather occasions in North America and the EMEA area, Zurich reported that losses caused by the herb screw are expected to be approximately 2 percentage points higher than overalls in the part of the year.
Farmers Exchanges, who are owned by their policyholders, reported 3% relief on gross premiums issued in the first nine months, mainly due to $311 million in COVID-19-like premium refunds and the downhath revision of premiums due to declining advertising volumes of carpooling activities due to the COVID-19 outbreak.
The surplus of farmers’ scholarships was reduced in the first nine months of the year to $5. 8 billion, with a surplus rate decreasing to 40. 5%. Insurers said this is relief in the percentage reinsurance quota treaty of all lines from 29% to 26% as of December 31, 2019.
In the first nine months, sales of new life insurance fell by 8%, which the insurer attributed to a combination of government-imposed restrictions similar to the COVID-19 outbreak and expected discounts in several securities markets in 2019.
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