The Swiss insurer Zurich Insurance reported on Thursday a sharp increase in its premiums in the first quarter, driven by its activities in North America, in particular for crops with the jump in the price of agricultural products.
For the period from January to March, the Zurich insurer saw its premiums rise by 8% in damage insurance, its largest division, to 11.9 billion dollars, he said in a press release, exceeding the forecasts.
By comparison, analysts polled by the Swiss agency AWP expected an average of 11.6 billion for this division. On a like-for-like basis, its premiums in this division rose 12% once adjusted for currency effects due to a 17% jump in its North American business. Crop insurance products alone contributed 40% of this growth during the quarter.
Its premiums also rebounded by 21% in Latin America in non-life insurance and climbed by 8% in the Europe Middle East and Africa zone as well as by 11% in the Asia Pacific zone, the group highlighting in particular the recovery demand for travel insurance to Australia.
Its premiums also climbed 8% in its life insurance business and 29% in its division called Farmers, which provides management services to American insurance cooperatives Farmers Exchanges, boosted by the resumption of activities with the American insurer MetLife. Last year, Zurich Insurance and its American partner Farmers Exchanges had paid 3.94 billion dollars to resume activities
property and casualty insurance from MetLife. Given this strong start to the year, Zurich Insurance expects to exceed all its financial targets for 2022. Its exposure to Russia and Ukraine, both in property insurance and in its investment portfolio, is very insignificant, said the insurer.