Zurich Financial Services · Zurich Switzerland ·(Swiss: ZURN)
Company Description
Phone: +41-44-625-25-25
Fax: +41-44-625-35-35
Toll Free: 800-382-2150
Rankings
- Swiss Market
- #199 in FT Global 500
View Zurich Financial Services Locations On A US Map
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This link will open in a new window It's a wonder anyone would leave Zürich, nestled as it is in the beautiful Swiss Alps. But the business interests of Zurich Financial Services have crossed over the mountains and spread around the globe. Serving approximately 170 countries worldwide, the company is a leading provider of general corporate insurance. Focused on markets in Europe and North America, the company's General Insurance segment offers commercial and personal property/casualty and specialty coverage, while its Life Insurance segment offers life insurance, annuities, and other investment policies. Zurich Financial's Farmers Group division offers personal property/casualty insurance policies in the US. The company was founded in 1872. To read the full description, subscribe now.
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Key Zurich Financial Services Financials
| Company Type | Public - Swiss: ZURN Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $32,349.0 |
| 2008 Employees | 60,000 |
Zurich Financial Services Executives
71 executives listed for Zurich Financial Services's Zurich, location.
| Title | Name & Bio | Contact |
| Chairman | Manfred Gentz | Network |
| Vice Chairman | Philippe Pidoux | Network |
| CEO | James Schiro | Network |
Competition
Competitive Landscape for Zurich Financial Services
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Zurich Financial Services Competitors
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