Live Insurance News

Insurance news from Zurich shows a massive $700 million superstorm bill

December 18, 2012December 18, 2012 H. Cutner

The European insurer has released the figures relating to its claims from Sandy. Zurich has just released its latest insurance news by becoming the most recent insurer to have connected its figures to the damage caused by Hurricane Sandy, reporting that it is expecting that its net claims will reach approximately $700 million. These predictions are following closely on the heels of the figures release made by AIG. The numbers that were issued by AIG had forecasted that the storm would have generated post-tax net losses of approximately $1.3 billion.…

Auto insurance pricing model from Autodata Middle East selected by Zurich

October 24, 2012October 22, 2012 H. Cutner

The dynamic new techniques are now the center of a new agreement that has been signed. Zurich, one of the leading insurers in the world, has announced that it has signed an agreement with Autodata Middle East – a leading auto insurance pricing information provider – in order to help to determine a used vehicle’s actual value in the United Arab Emirates, to achieve far more accurate premiums calculations. The new model takes many additional factors into account to help maintain accuracy. The price of used vehicles change on a…

Zurich Insurance posts first quarter profits after decline in natural disaster claims

May 11, 2012April 30, 2013

Insurer sees profits in the wake of 2011 catastrophes Zurich Insurance Group, Switzerland’s largest insurance company, has released information concerning its first quarter profits for this year. The company posted high profits this year after overcoming the challenges presented by the past two consecutive years of natural disasters. Last year’s catastrophes broke record losses throughout the world, leaving many insurance companies in a vulnerable position. Large insurers, like Zurich, have been able to recover from the disasters and have even shown promising growth in the first quarter of 2012. Zurich…

Insurance claims from riots to cost U.K. taxpayers more than $160 million

August 12, 2011August 12, 2011 Nordstrom

Now that the U.K. rioting appears to be drawing to completion, insurance companies are beginning to tally the cost of the claims that have and will be made by homeowners and businesses. According to insurers, the impact of the destruction over the long term may be significant, especially in terms of the insurance on property damage. That said, the effect that it has on insurers may be milder than it could have been as a result of a law that is older than a century and that makes the police…

Insurance giant reports unexpected fourth-quarter increase

February 11, 2011 Nordstrom

Zurich Financial Services AG, the largest insurer in Switzerland, has reported that its fourth-quarter profit showed little change despite major catastrophes in Australia. Analysts estimated that the net income for the insurer would come in at $1.02 billion, but Zurich is reporting an income of $1.04 billion. Zurich is planning to save more than $500 million over the next three years by making cuts to its general insurance business. The Australian floods have taken a heavy toll on the insurer, raising the combined ratio, a key measure of profitability, to…