ZURICH, Nov 9 (Reuters) - Zurich Insurance on Thursday posted a 1 percent rise in adjusted nine-month property and casualty premiums, and said it expects insurance prices to rise after hurricanes and earthquakes likely made the third quarter the industry’s costliest quarter on record.
The Swiss insurer’s gross written premiums in its largest division stood at $25.345 billion through September. Factoring in currency fluctuations and divestitures and acquisitions, this represented a 2 percent drop.
“I am pleased with the development of our businesses in the year to date, particularly against a challenging industry backdrop in the third quarter,” Chief Financial Officer George Quinn said in a statement. “We expect the third quarter natural catastrophe events to drive improvements in pricing across our business.” (Reporting by Brenna Hughes Neghaiwi; Editing by Joshua Franklin)