Zurich GI profit falls after Sandy and German 'system error'
Operating profit in Zurich's general insurance business dropped by $150m to $2.1bn year-on-year in 2012 after above average catastrophe and weather-related losses offset gains made through tighter underwriting discipline and expense management.
The 7% reduction in profit in US dollar terms, or 5% in a local currency basis was in part driven by superstorm Sandy in the 4th quarter of 2012 and financial adjustments made to the German GI book
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