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

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.

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.

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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