Zurich sees signs of rating improvement across Europe
Zurich has reported a 10% increase in gross written premiums globally for the first three months of 2008 to $1.2bn (2007: $1.02bn). Its business operating profit improved 5% to £1189m, although its combined ratio fell 1.3% to 94.6% (2007: 93.3%).
In a statement it added: "General Insurance delivered an improved top and bottom line performance over the previous year against the backdrop of a continuingly competitive market environment.
"The increase in the combined ratio of 1.3 percentage points to 94.6% reflects to a large degree a higher amount of large loss claims. "Gross written premiums and policy fees increased by 2% in local currencies (10% in dollar equivalent terms), reflecting both organic growth, as well as increased premium
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