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Zurich’s P&C Segment in Asia Grows 4% Year-on-Year in 9M 2024

by Ella

Zurich Insurance Group has witnessed growth in various segments. In 2024’s first nine months (9M 2024), its Property & Casualty (P&C) business saw a 4% year – on – year (YoY) increase in gross written premiums (GWP). During this period, the group achieved a total of $36.1 billion in GWP. In the Asia Pacific region, there was also a 4% YoY growth to $2.9 billion in 9M 2024. This growth, supported by rising rates in both Commercial and Retail Insurance, continued the positive trend from earlier this year, as per the company’s release.

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In Commercial Insurance, despite weaker commodity prices affecting the US crop insurance sector, premiums in US dollars rose 2%. Excluding crop insurance, premiums increased by 5% with rates 4% higher than last year. In Retail, gross written premiums grew 10%, driven by a 5% rate increase.

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The Life insurance segment also shone brightly. On a like – for – like basis, new business premiums rose 6%. This growth was mainly because of high sales in the unit – linked segment through Zurich’s banking partners, along with increased sales of protection products, particularly in Japan and the UK.

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