Zurich Insurance May Take Up to $750 Million Hit
- Insurer sees $280 million claims at P&C unit in first quarter
- Gross written at premiums for P&C rise 5% from year earlier
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Zurich Insurance Group AG may have to pay out as much as $750 million this year due to the coronavirus as it grapples with rising claims and volatile markets that have already triggered profit warnings at rivals.
Europe’s second-largest insurer by market value said the claims will hit its property & casualty unit, with $280 million recognized in the first quarter. The estimate is subject to significant uncertainty, Zurich said in a statement on Thursday.