Underwriting, rates drive Zurich profits for 2009
February 3, 2010 – 11:20 amThe Zurich-based insurer’s focus on strict underwriting meant volume was down in its general insurance business, the company said in a Thursday statement. Gross written premiums and policy fees for general insurance fell 8% in 2009 to $34.16 billion. The combined ratio for that business, though, improved to 96.8% from 98.1% in 2008.
Rates were up an average of 4% for the year on Zurich’s commercial business, the insurer said.
Zurich’s gross written life premiums, policy fees and insurance deposits rose 19% in 2009 to $26.03 billion.
The insurer said it met its expense-saving target of $400 million for 2009.
“2009 was an excellent year for Zurich,” the insurer’s CEO, Martin Senn, said in the statement. “We