Zurich posts 5% GWP increase in Q1 2025
By Rebecca Delaney
May 8 - (The Insurer) - Zurich has reported a 5% year-on-year increase in P&C gross written premiums in the first quarter of 2025 to $13.3 billion, the company said on Thursday.
This increase was driven by rate increases of 4% in P&C, including a 5% rate change in the retail segment and 3% in the commercial segment.
The EMEA region continued to be the largest segment by GWP at $6.8 billion, marking a yearly increase of 7%.
This was followed by North America with a 1% increase to $5.2 billion, with Asia Pacific ($1.0 billion) and Latin America ($827 million) both seeing a year-on-year GWP increase of 6%.
In Zurich's commercial insurance unit, GWP increased by 2% in U.S. dollars, with particular growth noted in specialties and middle market, two key strategic focus areas highlighted by group at its 2024 investor day.
The retail segment saw GWP rise by 11% in U.S. dollars, supported by pricing in motor and property lines, as well as the acquisition of AIG's global personal travel insurance and assistance business.
P&C insurance revenue increased by 5% to $10.8 billion, compared to $10.3 billion in the first quarter of 2024.
GWP in the Farmers Exchange also increased by 5% to $7.4 billion, which Zurich said was supported by a strong increase in new business and higher retention.
Farmers Re insurance revenue decreased by 39% compared to the prior-year quarter, owing to a lower reinsurance participation rate and an earnings-neutral reclassification of certain insurance expenses, which reduced insurance revenue.
Effective December 31, 2024, the participation rate in the Farmers Exchanges all lines quota share was reduced from 10% to 8%.
In the first three months of 2025, Zurich saw natural catastrophe losses with a combined ratio impact of 3.2%, compared to 1.6% in the prior year period.
The increase was mainly driven by the losses from the California wildfires in January. As previously reported, the Farmers Exchanges quota share agreement with Farmers Re accounts for close to $50 million of Zurich’s expected $200 million pre-tax loss from the wildfires, with the remainder attributed to the commercial insurance segment.
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