Zurich Insurance Group AG (ZURN.EB) posted its nine-month results on Thursday, with a slight rise in gross written premiums in its core property and casualty business, which the company attributed to customer retention and new business.
Gross written premiums--the total premium before deductions for reinsurance or ceding commissions--for the nine months ended 30 Sept. at the Swiss-based insurer's property and casualty division rose by 1% on a like-for-like basis to $25.35 billion. On a reported basis, the premiums declined slightly.
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"We expect the third quarter natural catastrophe events to drive improvements in pricing across our business," said George Quinn, Zurich's chief financial officer.
The company referred to other "natural catastrophe and weather related events" during the third quarter including Mexican earthquakes and severe storms and floods in EMEA and Asia.
Zurich had said in October that it expected to pay out aggregate third-quarter claims of $700 million related to hurricanes Harvey, Irma and Maria.
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(END) Dow Jones Newswires
November 09, 2017 01:32 ET (06:32 GMT)