Zurich Insurance has applied for licences to expand into Chinese cities as part of a renewed focus on emerging markets, according to chief executive Martin Senn.
The Swiss firm's Chinese business is one of several areas the company wants to grow on the back of declining premiums in its core European markets, Senn said in an interview with Bloomberg television in Hong Kong.
Zurich Insurance also wants to become "a leading insurer" in Malaysia and is looking to expand in Indonesia, he said.
Zurich Insurance also wants to become "a leading insurer" in Malaysia and is looking to expand in Indonesia, he said.
Mergers and acquisitions may provide another channel for growth, but the firm will not participate in asset bidding wars, Senn added.
"We are seeing a decline in premium income in Europe, and it is fair to say that growth prospects in Europe are limited," said chief financial officer Pierre Wauthier in an interview in June.
"There is less of a need in Latin America than in certain countries in Asia Pacific, because we already have a pretty strong position after the Santander transaction."
The environment in the Eurozone will remain challenging for quite some time, and interest rates may stay low, according to Senn.
Zurich Insurance has adjusted its business model and strategy to meet the greater "tail risk", he added. INSURANCE INSIGHT
No comments:
Post a Comment