Swiss insurer Zurich Insurance reported a sharp rise in premiums in the first quarter on Thursday, driven by operations in North America, especially for crops with a jump in agricultural commodity prices.
For the January-March period, the Zurich-based insurer saw its premiums rise 8% in non-life insurance, its largest division, to $ 11.9 billion, it said in a statement, exceeding the forecasts.
By comparison, analysts surveyed by the Swiss agency AWP expected an average of 11.6 billion for this division. On a comparable basis, premiums in this division rose by 12% once adjusted for the effects of changes under a 17% obligation in its North American operations. Crop insurance products and contributed 40% to this increase during the quarter.
Its premiums also rebounded 21% in Latin America in property and casualty insurance, up 8% in Europe, the Middle East and Africa, and 11% in the Asia-Pacific region, with the group focusing on the recovery of the demand for travel insurance in Australia.
Its premiums also rose by 8% in its life insurance business and 29% in the so-called Farmers division, which provides management services to U.S. Farmers Exchanges insurance cooperatives, boosted by the resumption of business with the Farmers Exchanges. American insurer MetLife. Last year, Zurich Insurance and its American partner Farmers Exchanges disbursed $ 3.94 billion to resume operations.
MetLife Damage Insurance. Given this strong start to the year, Zurich Insurance expects to exceed all of its financial targets for 2022. Its exposure in Russia and Ukraine, both in property and casualty insurance and in its investment portfolio, is very insignificant. said the insurer.