Covid-19 losses ‘not a major concern’ for Zurich, as group releases Q3 trading update

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The insurer is confident that it has limited exposure to any new developments regarding the pandemic

Property and Casualty claims relating to Covid-19 remained unchanged at $450m (£342m) up until 30 September for Zurich, according to its Q3 trading update released today.

This included the impact of reduced claim frequency, and Zurich does not expect these P&C claims to affect the group.

On a media briefing this afternoon, Zurich’s group chief financial officer George Quinn, said that he was “confident that we have limited exposure to any new developments in the pandemic”.

He said due to a resilient and flexible business model, as well as commercial pricing he had hoped that the group would emerge strongly from the disruption of the pandemic.

Quinn stressed that Covid-19 losses were “not a major concern” for the group.

Priorities

Quinn said: “Over the third quarter, the group continued to successfully manage the unprecedented challenges of Covid-19, a global recession and a record number of hurricanes making landfall in the United States.

“Our priority remains the support of our customers and the safety and wellbeing of our colleagues as we continue to execute on our customer focused strategy.”

Quinn continued: “We have a strong growth in property and casualty that is driven by commercial insurance.

“Growth in our commercial business has remained strong with further improvement in commercial pricing and underlying underwriting performance.”