Large insurer Zurich Insurance has delivered strong top-line growth in the first nine months of 2025, with its property & casualty (P&C) segment reporting record gross written premiums of $38.9 billion, an 8% increase driven by exceptional retail growth and sustained momentum in commercial insurance.
Zurich explained that GWP in P&C rose 5% compared to $36.1 billion in 9M’24 on a like-for-like basis, adjusting for currency movements and prior year’s completed acquisitions of the AIG global personal travel insurance and assistance business, along with the Zurich Kotak General Insurance business.
Additionally, all geographies contributed positively towards top-line growth on a like-for-like basis.
Regionwise, the Europe, Middle East and Africa (EMEA) region, where GWP were up 6%, due to strong performance from all countries in retail, motor, property and specialty, and commercial, with another strong performance in the middle-market segment.
In North America, GWP increased 3% from 9M’24, driven by Specialty lines, particularly within the construction business unit, along with strong performance in Middle Market and Canada.
Meanwhile, the core Middle Market P&C portfolio reported 7% year-to-date growth, supported by strong pricing discipline with average rate increases of 4%, while maintaining an underlying combined ratio in the low-80s.
In the Asia Pacific, GWP were 4% higher from last year, mostly from strong performance in retail insurance with higher motor and property sales across the region.
Lastly, Latin America saw an increase of 10% in GWP on a like-for-like basis, benefiting from continued strong growth in Argentina, Brazil and Mexico, though this was offset by currency depreciation versus the US dollar
Zurich reported that losses from natural catastrophes remained well below prior year levels, reflecting a combination of fewer events in the first nine months of 2025, along with its sophisticated risk selection. Over the last four years, proactive portfolio management has led to a 25% reduction in the US hurricane average annual loss exposure.
The insurer’s Life segment reported continued profitable growth, as GWP rose 11% and fee revenues up 17% driven by capital-efficient savings and protection products. For 9M’25, the reported GWP were $26.7 million, compared to $24 million last year.
Additionally, the insurer’s Farmers Exchanges, which their policyholders own, grew GWP by 5% to $22.5 million in 9M’25, backed by a strong increase in new business and higher retention.
Zurich explained that an outstanding underlying underwriting performance allowed the Farmers Exchanges to achieve a surplus ratio of 50.9% as of September 30th, 2025. Meanwhile, its underlying fee income rose by 3% driven by growth at the Farmers Exchanges and at the brokerage entities.
With a diversified business and robust balance sheet, the firm reiterated that it is well-positioned to capture future growth opportunities, and generate attractive long-term returns.
Claudia Cordioli, Group Chief Financial Officer, commented, “Momentum remains strong across all our businesses, driven by exceptional Retail results, profitable premium growth in Life, and an accelerated increase in policy count at Farmers. Our leading Commercial Insurance business continues to see high profitability, while our focus on Middle Market and Specialty lines positions us to benefit from long-term growth trends, such as investments in infrastructure and technology-related construction.”
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