Zurich Earnings: Fair Numbers for Property and Casualty; Shares Fairly Valued

We think Zurich Insurance has reported fair property and casualty insurance numbers for the first three months of 2024. With gross premiums written up 9% like for like, the strongest price increases have been in North America with rates up 8% so far this year. Zurich has a strong commercial insurance business that is the second largest in the world. Having built out expertise in international programs for large corporates we think the business is moving to build out midmarket and apply what it has learned. Rises in motor insurance rates across the business have been strong and action has been taken to try to improve the underwriting performance of retail.