Addressing media reports that had hinted at the possibility of Zurich exploring an exit from some parts of Asia, the insurer has acted to clarify its position.
Reports had intimated that the insurance giant was exploring the disposal of its Hong Kong and Singapore businesses to focus on other core units.
The company today issued a statement to clarify that this is not the case this is the official statement form the firm:
Zurich Statement
«Further to an article that first appeared in Reuters on Tuesday 24 February 2016 and subsequent market rumours stating that Zurich is exploring an exit from the Hong Kong and Singapore markets, we would like to clarify that Zurich has no intention of exiting the Hong Kong or Singapore markets.
We remain committed to our General Insurance and Global Life businesses in Hong Kong, and our General Insurance business in Singapore. Zurich retains its position as top two general insurer in Hong Kong, and one of the top five general insurers in Singapore. We look forward to continuing to service and protect our customers from risk in these key strategic markets for Zurich in Asia Pacific.»
Background
Zurich started to calibrate its Asian business late last year when it ceased accepting applications for new life policies in Singapore and transferred Zurich’s appointed financial representatives to Nexus Financial Services.
