Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Zurich predicted a Q4 loss of $100 million after having to pay out $275 million to cover damage claims from storms in the U.K. (Photo: Shutterstock)

(Bloomberg) — Zurich Insurance Group AG is “prepared to shrink” some of its businesses after being caught off guard by the scale of claims it had to absorb last year, according to Cecilia Reyes, the company’s chief risk officer.

“We were surprised, obviously, by the poor underwriting results in the general insurance business,” she said in an interview at the company’s headquarters in Zurich. “We need to either re-price or, if we cannot get the right level of compensation to the risk, we should walk away from some risks.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.