ZURICH (Reuters) – Zurich Insurance Group expressed confidence in hitting its 2022 targets on Thursday while reporting property and casualty (P&C) premiums rose 11% on a like-for-like basis in the first nine months.
“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,” Chief Financial Officer George Quinn said.
“Technical profitability is expected to continue to improve despite catastrophe losses which are 3 to 4 percentage points higher than the long-term average.”
(Reporting by Michael Shields, editing by Emma Thomasson)
