Zurich Insurance expects price increases to help meet targets

Zurich Insurance told investors on Wednesday that price rises following recent natural disasters would ensure it meets its financial goals for 2017-2019.

The targets were proposed in a strategic restructuring last year, and as well as profit goals, the company targeted cost savings of 15% between 2017-19, that would save the company $1.5bn.

CEO comment

Mario Greco, chief executive since March last year, said ahead of an investor meeting in London, that the company's financial targets assumed price rises.

He said: "Recent events are a reminder of rising risk costs, and we expect that the impact of the events will lead to an improving price trend. This will further boost our ability to deliver on the targets for 2017-2019."

Zurich has said it expects $700m in US and Caribbean hurricane-related claims in the third quarter.