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Zurich Insurance ready to shrink to cut claims, risk chief says

Zurich is prepared to shrink some of its businesses after being caught off guard by the scale of claims it had to absorb last year, according to Cecilia Reyes, the companys chief risk officer.

By Jan-Henrik Förster, Jeffrey Vögeli | Updated on February 03, 2016
Zurich predicted a Q4 loss of $100 million after having to pay out $275 million to cover damage claims from storms in the U.K. (Photo: Shutterstock)

(Bloomberg) — Zurich Insurance Group AG is “prepared to shrink” some of its businesses after being caught off guard by the scale of claims it had to absorb last year, according to Cecilia Reyes, the company’s chief risk officer.

“We were surprised, obviously, by the poor underwriting results in the general insurance business,” she said in an interview at the company’s headquarters in Zurich. “We need to either re-price or, if we cannot get the right level of compensation to the risk, we should walk away from some risks.”

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