Major losses put Zurich's commercial COR at 'wrong side of 100%'
Zurich’s Steve Lewis has attributed poor commercial results in 2012 to a volatile market, with major losses occurring in the second half of the year.
Mr Lewis, CEO of the provider's UK general insurance (GI) business, confirmed that the commercial COR was “the wrong side of 100%”, but said there was no trend to be drawn from the major losses made last year.
He cited a factory lost in an arson attack, a “very significant” motor loss arising from a motorway pile-up and a school burning down after being struck by lightning as three large major losses.
“That’s the nature, and the volatility, of things when you write big commercial risks, it’s
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