Zurich has revealed gross written premiums in its Property & Casualty (P&C) line for the first nine months of the year increased 11% on a like-for-like basis to $31.2bn (£23.2bn).
It said growth was supported by higher premium rates, driven by increases in commercial insurance across all regions. In Europe, Middle East and Africa (EMEA), gross written premiums increased 6% on a like-for-like basis compared with the previous year.
It added that its retail growth was driven by both personal lines and SME business, and benefited from a normalisation of economic activity compared with the previous year. In commercial insurance, gross written premiums grew in all major markets, most notably in Switzerland and the UK, supported by rate increases.
The Swiss-based insurer also revealed that its life annual premium equivalent (APE) increased 5% to $2.7bn (£2bn).
In addition, GWP from its Farming Exchanges increased 7% to $18.2bn (£13.5bn), which excludes the contribution of the MetLife transaction, driven by the “continued improvement” in most lines of businesses and the absence of the 2020 Covid-19 premium refunds of $311m (£232m).
Group CFO George Quinn said: “The group has continued to make strong progress toward achieving its 2022 strategic and financial goals. P&C gross written premiums continue to benefit from the improvement in the pricing environment. Recent claims events are likely to extend the hard market, with the gap between rate increases and loss cost inflation likely to persist for longer than previously expected.
“Technical profitability is expected to continue to improve despite catastrophe losses which are three to four percentage points higher than the long-term average. In Life, the Group benefited from a more profitable new business mix, with increases in sales of protection and unit-linked business.”
He added: “Farmers Exchanges produced strong top-line growth benefiting both from the inclusion of the MetLife business and robust like-for-like1 performance. These trends, including our robust customer growth and our very strong balance sheet, allow us to look forward with confidence to achieving our targets.”