Switzerland's Zurich Insurance 2020 profit plunges on COVID-19

0 Comment(s)Print E-mail Xinhua, February 11, 2021
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GENEVA, Feb. 11 (Xinhua) -- Zurich Insurance, one of largest insurers in Europe, reported Thursday a 20-percent drop in 2020 operating profit triggered by COVID-19 related impact and higher catastrophe losses.

Business operating profit fell to 4.24 billion U.S. dollars, the company said in a statement, while property and casualty claims related to COVID-19 remained unchanged at 450 million dollars.

It said the overall COVID-19 impact on the group including life and other business reached 852 million dollars.

Meanwhile, the insurer said it had seen a return to growth in the second half.

"Our results confirm the strength of our business, the agility of our people and the timeliness of our digital strategy," Group CEO Mario Greco said in a press release.

Insurers around the world have faced hefty claims from business interruptions, travel restrictions and event cancellations due to lockdowns and a strong hurricane season in the United States last year. Enditem

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