Zurich reports 'worst year since Katrina'
Zurich branded 2011 ‘the worst year since Hurricane Katrina’ as it reported a 12% slump in general insurance operating profit for the nine months so far, which was down to $1.73bn from $1.97bn last year.
Exchange rates made the picture more flattering. In local currencies the decline was 17%.
This was despite gross written premiums and policy fees growing 6% to $27.05bn from $25.53bn for the same
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