Zurich’s P&C segment in Asia grows 4% YoY in 9M 2024

The Life insurance segment saw its new business premiums increase by 6%.

Zurich Insurance Group reported growth across its segments, with its Property & Casualty (P&C) business seeing a 4% year-on-year (YoY) increase in gross written premiums (GWP) for the first nine months of 2024 (9M 2024).

The group bagged a total of $36.1b GWP during the period, whilst Asia Pacific, likewise, also grew 4% YoY to $2.9b in 9M 2024.
This growth, bolstered by rising rates in both Commercial and Retail Insurance, continued the positive trend from earlier in the year, the company said in a release.

Commercial Insurance premiums rose 2% in U.S. dollars, despite weaker commodity prices impacting the US crop insurance sector; excluding crop insurance, premiums increased by 5%, with rates up 4% compared to last year. 

In Retail, gross written premiums rose 10%, driven by a 5% rate increase.

The Life insurance segment also performed strongly, with new business premiums up 6% on a like-for-like basis. 

This growth was largely due to high sales in the unit-linked segment through Zurich’s banking partners, along with increased sales of protection products, especially in Japan and the UK.