Zurich to cut costs
Big Swiss insurer Zurich Financial Services has announced a significant cost-cutting regime, according to reports out of Europe.
The reports said that the insurer had announced that it intends to cut costs by $500 million over the next three years, with two-thirds of the savings coming from its non-life business.
The announcement followed on from the company reporting a 22 per cent decline in operating profit for the first nine months of the year.
AUTHOR
Mike Taylor
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
