Zurich confirms commitment to multinational business

Zurich Insurance is fully committed to large risk business and plans to build its multinational programme offering, but it will continue to seek cost savings in general insurance.

Announcing its new strategy for the next three years, CEO Mario Greco, said that changes at group level should make it more profitable and efficient by 2019. He told a media conference call that the insurer has no plans to exit geographies or lines of business. Rather, it will continue to build on its existing strengths.

“We have a strong franchise with opportunities to improve profitability in general insurance and the cost base. This is a very strong group and it does not need any fundamental restructuring. It has a strong capital base, strong brand and excellent skills, but it needs to focus on profitability and cost management, especially at its general insurance business,” he said.

Mr Greco said that Zurich will build on its Global Corporate business, which generated large losses in 2015, to maintain its role as a ‘global leader’ in large corporate risks.

“Insurance customers will have losses and we do not complain or regret that customers have losses. We just regret if we do not price the business properly or that we do not protect ourselves through reinsurance,” said Mr Greco, when asked about Zurich’s commitment to large corporate risks. “It’s a question of price and the coverage we want to have, not about large losses,” he said.