SA Eagle Now Part Of Zurich Financial Services Group |
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Zurich Financial Services Group, the Swiss-based insurance group, announced this week that South African insurance group SA Eagle will now operate under the Zurich brand. The insurance group will now be known as Zurich Insurance Company South Africa. John Amore, Zurich's global CEO General Insurance, said the change in name signaled Zurich's commitment to the local operation and the SA market. The Swiss company has been in the insurance business for more than 135 years, has 155 000 employees in 150 countries around the world, offering short term insurance products and services to individuals, commercial and corporate clients. The announcement comes in a week in which Zurich South Africa posted improved first half results, despite increased claims costs on the property and motor accounts. The flooding along the KwaZulu-Natal south coast in late March also put the group under pressure. Nick Beyers, CEO of Zurich South Africa, said the frequency of car accidents has risen mainly because of the increased number of vehicles on the country's road, poor driving standards and road conditions. "Motor repair costs, especially the cost of repairing imported vehicles, continue to escalate well above the official inflation rate. We will, however, continue to take the steps necessary to limit the effect on the underwriting result," Beyers said. However a better investment and underwriting performance helped the insurance company raise premium revenue by 14%, despite the challenges the group faced in the six months under review. Related Insurance Articles: * SA Insurance Firms To Face Investigation * Dial Direct Offers 4x4 Short Term Insurance * New SA Insurance Company Launches * Car Insurance Claims In SA Rise Sharply * Insurance Scam In Alaksa Traced To South Africa * AIDS Insurance A Moneyspinner In SA * New Home Insurance Policy For Landlords * South African Crime Statistics Cause Concern 
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| 3/14/2010 7:07:00 AM | |||||||||||||||||||||
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