Zurich

Zurich is set to remove its Z logo temporarily from social media and possibly dropping the logo entirely since the letter became a pro-Russian war symbol following the country’s invasion of Ukraine.

The trio join WTW, Aon, Marsh McLennan, Hannover Re and Generali in shunning Russia over the Ukraine invasion.

Since 2017, the carrier has also phased out insurance relationships equating with $38mn in GWP.

The business made a steep underwriting loss in 2020.

The carrier also increased its levels of co-participation on the upper layers of the cover.

The carrier increased P&C pricing by 7% in 2021.

AlphaChat’s technology will be deployed across all of Zurich’s business channels.

The carrier said it would no longer support greenfield oil exploration and plans a full phase-out of thermal coal from its underwriting portfolio by 2040.

Zurich has exhausted its $450mn aggregate reinsurance cover after booking around $450mn in losses from Hurricane Ida and $150mn-$200mn from Storm Bernd.

Zurich’s gross written premium (GWP) in its property and casualty segment rose 11% to just over $31bn during the first nine months of the year, driven particularly by North American growth.

Disputes over coverage and aggregation have continued since the Supreme Court gave its test case verdict in January.

The carrier said the portfolios ‘no longer support’ its core strategy.