Zurich insurance may have been harder hit by the corona pandemic than previously thought. A data analysis by a consultant showed that the company is strongly exposed to business in countries hardest hit.
Zurich Insurance will be strongly affected by the pandemic, according to a report by data analysis and consultancy company Global Data. The company said that this was due to Zurich Insurance’s exposure to countries that have been ravaged by the virus.
The report particularly mentioned countries in Europe – including the U.K. – where the Swiss insurer generated 60 percent of its premium volume. The biggest market in terms of premium volume, the U.S., is the hardest hit by the virus.
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The recession will also affect the demand for new insurance contracts and the strong life insurance business may be affected by the expected damages. Non-life will be mainly hurt by the number of company failures, Global Data said.
Still, Zurich Insurance has a strong customer service and the digital channels have done well so far to meet the challenges of the pandemic. Zurich didn’t comment on the report, which featured prominently in «Versicherungswirtschaft Heute», an industry news portal. The company has already said that the damage claims will reach some $750 million this year.
