Zurich Insurance announced that it expects to exceed the financial targets for 2022, as it announced a double-digit increase in insurance premiums in the first quarter and stressed that its losses from the conflict in Ukraine are likely to be negligible.
The fifth largest insurance company in Europe, set three-year targets in November 2019. “The positive operating trends in the first quarter, together with the very strong balance sheet of the group, give us confidence that we will successfully complete the current strategic cycle later this year,” he said. the financial director of the group.
Insurance companies were hit two years ago by the pandemic. But after blocking the pandemic from many policies and raising premiums, they have regained ground.
Zurich gross premiums rose 12% on a comparable basis to $ 12 billion, largely due to higher interest rates on commercial insurance.
Zurich stressed that its direct exposure to Russia and Ukraine appeared to be “not significant”.
Many insurance companies have been damaged by the war in Ukraine, while more are expected to occur.
Source: Capital
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