Zurich CEO Greco wants to remain in office until at least the end of 2025
Published: Tuesday, Feb 27th 2024, 22:20
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The Zurich Group closed the 2023 financial year with a historic operating profit. It is now rewarding shareholders with a planned dividend increase and a share buyback.
In an interview with the newspaper "Finanz und Wirtschaft" (Wednesday edition), CEO Mario Greco emphasized the strong performance of the life insurance segment, while non-life insurance was negatively impacted by hail damage, particularly in motor vehicle insurance.
Despite higher costs for natural disasters in Europe compared to the USA, climate risks are still insurable for the insurance industry, Greco emphasized. Meanwhile, the decision by US insurer Farmers to withdraw from Florida due to the high climate risks raised questions about the future of the insurance business in this region.
Greco explained that Zurich would offer insurance in Florida again when the regulatory framework improved. He was cautious about the insurability of climate risks in Switzerland and other regions, as loss of income due to natural disasters is generally not insured.
Meanwhile, an increase in the profit target in dollars is not planned, as targets would not be changed once they have been set.
In view of the inflation-related cost increases, particularly for damage in the USA, Greco emphasized the importance of prevention and negotiations with suppliers in order to cushion the impact on customers.
For his personal future at the Zurich Group, Greco plans to complete the current financial cycle by the end of 2025 and then reassess the situation.
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