Zurich has today (12 May 2021) reported a strong top line as gross written premium (GWP) in its property and casualty (P&C) segment has increased by 14% in the first three months of 2021 to $11m (£7.78m), compared to $9.67m in 2020.
There was also a 9% growth on a like-for-like basis for this portfolio, which Zurich said was driven by a strong growth in commercial insurance as well as further improvements in its pricing, according to the insurer’s quarter one trading update.
For Europe, Middle East and Africa (EMEA), GWP increased by 5% as at 31 March to $6.2m (£4.39m) on a like-for-like basis. Growth here was driven by commercial insurance, which was notable in the UK as well as in Germany and Switzerland.
Zurich’s group chief financial officer George Quinn said: “The group has made a strong start to the year and remained on track with its strategy and financial plans in the first quarter.
”During the quarter, the group has taken full advantage of the hard pricing conditions in the commercial business to deliver strong growth and further improvements in the underlying underwriting performance of the P&C business.
“These trends, together with our very strong balance sheet, allow us to look forward to the remainder of the year with great confidence.”
In March, Zurich was awarded three stars in Insurance Time’s Five Star Rating Report: Commercial Lines 2021.
Zurich’s continued focus on customer strategy, for example using customer insights to enhance the insurance experience, has seen an increase in the insurer’s Net Promoter Score (NPS) in most key markets.
Retail customers increased by approximately 300,000 during quarter one in 2021 – this was in conjunction with rising customer satisfaction levels and demand from the partnership distribution channel.
Meanwhile, GWP for retail insurance was up modestly year-on-year, driven by improved new business and stable retention and premium rates.