|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||44.05 - 44.27|
|52 Week Range||30.86 - 44.27|
|Beta (5Y Monthly)||0.64|
|PE Ratio (TTM)||16.64|
|Forward Dividend & Yield||1.90 (4.33%)|
|Ex-Dividend Date||Apr 04, 2019|
|1y Target Est||2,012.00|
Climate change is making extreme weather worse and, right now, Americans are paying the price. Over the past two years, wildfires in California, floods along the Mississippi River and hurricanes in the Southeastern United States have caused tens of billions of dollars in damage.
(Bloomberg) -- Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.As the financial industry comes under pressure to avoid funding dirty energy, the heads of Citigroup Inc. and Zurich Insurance Group AG said they need their clients to do more work too.“I say to our clients, ‘I don’t want to be the sharp end of the spear,’” enforcing industry standards, Michael Corbat, chief executive officer of the New York-based bank, said Tuesday in a panel discussion at the World Economic Forum in Davos, Switzerland. “You should set those, you get proper buy-in and we will be here to support you.”Mario Greco, the CEO of Zurich Insurance, agreed with Corbat that carbon was mispriced, and said insurance firms are having a tough time deciding what to underwrite as a result.Insurers are underwriting “based on ethical standards,” and “compliance with the Paris agreement, but it’s not fast enough and it’s a tough job,” Greco said. “We don’t know exactly” how an industry should restructure itself, “and we are not supposed to do that, so the only thing we can do is stop funding. Stopping funding is a brutal reaction to market displacement.”This year’s meeting of the global business elite in Davos has focused on sustainability, with teenage activist Greta Thunberg criticizing a lack of action on climate during her appearance.Financial companies are under pressure to retreat from funding industries including coal-fired power, and the European Union is working on a so-called taxonomy governing sustainable investments. Lawrence Fink, who runs BlackRock Inc., last week pledged to incorporate environmental concerns into the asset manager’s investment process for both active and passive products.“We are very much aligned” with Fink, Corbat said in Davos on Tuesday. “Where we don’t want to find ourselves is being the person that starts to dictate winners and losers.”Corbat created the new role of chief sustainability officer at his bank in September. He said then that governments should create incentives for companies to adopt sustainable practices, rather than relying on punishments like carbon tariffs.Greco was pessimistic that there will be more effective global agreements on matters like carbon pricing, calling the prospect “almost unthinkable.”Global companies “will go wherever there is the best financial opportunity short-term for them, and they will follow what prices tell them to do. This is what makes me scared, or pessimistic, that we will achieve the right speed.”To contact the reporter on this story: Viren Vaghela in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ambereen Choudhury at email@example.com, Keith CampbellFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Farmers Insurance Group and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
SCHAUMBURG, Ill., Oct. 3, 2019 /PRNewswire/ -- Zurich Insurance has released the ninth annual Advisen cyber survey of corporate risk managers and insurance buyers revealing current views about information security and cyber risk management. A key finding of the 2019 survey is that business interruptions due to cyber events are a top concern.
LAS VEGAS, Sept. 26, 2019 /PRNewswire/ -- Zurich Insurance Group (Zurich) has launched the second edition of its Innovation Championship, offering startups the opportunity to work with the global insurer to grow their business. In its second year, the global contest is looking for established startups with commercially viable technologies and innovative business models that tackle challenges around climate, health, automation and other issues expected to put a strain on the next generation. Zurich is seeking bold thinking and groundbreaking ideas that can help make a lasting impact in a changing world.
Assurant (AIZ) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.
Cyber insurance, which covers losses emanating from loss of data as well as liabilities arising from cyberattacks, has recorded strong growth globally over the past four years, Moody's Investors Services said in a report last week.The rating agency said it was a highly profitable business line for global insurance companies. "The proliferation of new rules around the globe boosts demand for cyber insurance, but also raises questions and highlights uncertainty around the scope of insurance coverage," said Sarah Hibler, Moody's associate managing director.According to the report, based on US financial regulatory data, direct cyber insurance premiums grew to US$2 billion last year, or a cumulative annual growth rate of 26 per cent since 2015.In Hong Kong, while the Insurance Authority does not have data for cyber insurance, Zurich Insurance and Peak Re have both seen strong growth."It is true that we see a lot of interest from insurance companies across Asia in growing their cyber business," said Franz Josef Hahn, chief executive of Peak Re, Hong Kong's home-grown global reinsurance company.Franz Josef Hahn, chief executive of Hong Kong reinsurance company Peak Re. Photo: Edmond So alt=Franz Josef Hahn, chief executive of Hong Kong reinsurance company Peak Re. Photo: Edmond SoZurich Insurance offers several products, including cybersecurity and privacy liability policies for commercial clients. It also offers two cyber insurance products targeted at small and medium enterprises."We do see growth potential in this area in coming years," said Eric Hui, chief executive of Zurich Insurance (Hong Kong).A key challenge insurers face is potentially huge claims. In the United States, the average cost of a cybercrime was about US$27 million last year, up from US$21 million in 2017, according to a report sponsored by Accenture Security. The claims are high because a single cyberattack might affect many clients, a situation that will get worse when companies move to cloud computing, the Moody's report said.Eric Hui, chief executive of Zurich Insurance (Hong Kong). Photo: Xiaomei Chen alt=Eric Hui, chief executive of Zurich Insurance (Hong Kong). Photo: Xiaomei ChenIn Hong Kong, insurers might also find it difficult to sell policies to small and medium enterprises."Hackers might target large companies and not SMEs. I do not have any cyber insurance cover currently, nor do any of my friends," said Arthur Chan, director of SagaDigits, a Hong Kong start-up that uses big data to help consumer companies enhance their services."I will consider buying cyber insurance products if the price is reasonable. However, I have not received any cold calls from any insurance company introducing [cyber insurance] products to me. If they do, I may consider them if they are not too expensive," he said.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
Zurich Insurance is on track to meet or beat its financial targets to 2019 and is seeing positive trends in property and casualty (P&C) insurance pricing. Europe's fifth-biggest insurer made the forecast on Thursday despite a 2 percent fall in P&C gross written premiums in dollar terms to $9.18 billion (7.06 billion pounds) in the first quarter as a result of currency movements and the disposal of its ADAC business. Prices increased around 2 percent, Zurich said, adding that it had been a "relatively benign" quarter for natural catastrophes although it gave no profit figures.
The U.S. Department of Justice (DOJ) said late Thursday that Zurich Insurance will pay a penalty of $5.1 million (£3.9 million) to the United States in a case involving insurance policies and accounts used by U.S. customers to evade taxes. "From Jan. 1, 2008, through June 30, 2014, Zurich issued or had certain insurance policies and accounts of U.S. taxpayer customers, who used their policies to evade U.S. taxes and reporting requirements," DOJ said in a statement. "Zurich had approximately 420 U.S. related policies...with an aggregate maximum value of approximately $102 million, for which the U.S. taxpayer customers did not provide evidence that they had declared their policies to U.S. tax authorities," it added.
Zurich Insurance Group (ZURN.VX), one of the largest global insurance companies, and CoverWallet, the tech company that is the easiest way to understand, buy, and manage business insurance online, today launched a platform for small and medium-enterprise (SME) insurance in Switzerland. The expansion marks the second European country where the online platform is available, building on the momentum of the release in Spain in 2018. “Thanks to the partnership with CoverWallet, we offer small businesses a new type of easy-to-deal with online insurance coverage.
This means the following stocks have a price-earnings ratio, which is the inverse of the earnings yield, of 21.88 or less. Warning! GuruFocus has detected 1 Warning Sign with TOT. The stock was trading around $56.91 per share on Thursday for a market capitalization of $148.36 billion.