(History of Zurich Insurance Company, Zurich Ireland, Zurich Financial Services, The Core Business (three) Segments)
Zurich is an insurance company; it is a swiss insurance company, headquarter is in Zurich, Switzerland, this company is Switzerland’s largest insurer. As of 2020, this is the world’s 117th largest public company according to Forbes,’ Global 2000s list, and in 2011 it ranked 94th in Interbrand’s top 100 brands.
According to Zurich, It’s a leading multi-line insurer that serves its customers in the global and local markets. It provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories, with about 53,000 employees. Its customers include individuals, small businesses, and mid-sized and large companies, multinational corporations as well.
History:
According to Wikipedia, the Zurich insurance company was founded in 1872 as the reinsurance under the name of “versicherungs-Verein”
And at the request of the “Schweiz” transport insurance company (which founded in 1969 on the initiative of the “Schweizerischen Kreditanstalt” the subsidiary of the Schweiz Marine Company, founded by the people was were board members also of the (Schweiz) transport insurance company.
In 1915 Zurich acquired its 1st whole company, “Hispania Compania General de Seguros” Barcelona in Spain. Ten years later, in 1922. Zurich was founded “Vita Lebenversicherungs-Gesellschaft” as an independent subsidiary which soon expanded into neighboring countries. In, addition the branch was established in the United Kingdom (the 1st foreign insurance company to do so). One year later in Canada, another branch was established.
In the year 1925, Zurich became the official insurer of all new ford vehicles in Great Britain. In 1929, Zurich Fire Insurance company of New York” was founded, the reinsurance company Turegum in 1938 and American Guarantee and Liability Company in New York in 1939. In the year of 1950, it brought a share in the “Companhia de Seguros Metrõpole S.A.” of Lisbon. 5 years later, in 1955, “Zurich” Allgemeine Unfall-und Haftpflicht-Versicherungs-Gesellschaft was named “Zurich” Versicherungs-Gesellschaft, a name it still holds today.
On the initiative of “Vita Lebensversicherungs-Gesellschaft”, the 1st first Vita Parcours (fitness trail) in Switzerland was created in 1968 and (Zurich Investment Management) ZIM has founded in 1990 as an investment management partner for the redemption funds and institutional investor in Switzerland. As a part of a new brand strategy, “Vita” became a “Zurich” life insurance Company in 1993, operating in the market under the name “Zurich Leben”. While the name “Vita” thus disappeared from the market. It lives on the “Stiftung Vita Parours”, which was outsourced in 1994. “Zurich” took over the Zurich private bank ”Rüd, Blass & Cie” due to refocusing on the insurance business, the private bank was sold again in 2003.
The Zurich Ireland:
Zurich Ireland, officially known as ZIP (Zurich Insurance plc), it is a wholly-owned subsidiary of Zurich Insurance Group Ltd. ZIP (Zurich Insurance plc) is an Irish insurance company originally incorporated in 1950 and is Zurich Insurance Group’s main legal entity for writing non-life insurance business in Europe. ZIP writer non-life insurance business across the EU through its Irish Head Office and network of branches.
Zurich insurance group:
Zurich Financial Services (ZFS) Ltd changed its name to Zurich insurance Group Ltd. In a statement, the group explained the rationale behind the name change. In recognition of the strategic focus, a reference to financial services in the company name has been replaced by indicating the insurance activity of the group instead and to specify the purpose accordingly.
The core business (three) segments:
• The general insurance:
Zurich’s general insurance business serves individuals, small and medium-sized businesses, and major multinational corporations with home, motor, and commercial products and services.
• The global life:
This business offers life insurance, saving investment, and pension projects, in the USA life insurance, which is issued by the Zurich American Life Insurance Company with offers in Schaumburg, Illinois, Kansas, and New York.
• The farmer:
It includes Farmers Management Services, which Provides non-claim related management services to the farmers Exchange (not owned by the Zurich) as well as Farmers RE business which includes reinsurance assumed from the farmer Exchange by the group Zurich’s Farmers Insurance Group is the third-largest insurance group in the United States.
Zurich financial services:
In 1998, Zurich and the financial division of British American Tobacco merged to form “Zurich Financial Services”. This comprised the Swiss company “Zurich Allied AG”, listen to the Swiss Market Index, and the British company “Allied Zurich plc” listen on the FTSE 100 (Dual-listed Company). In 2000, the structure was reorganized under the single holding company under the Swiss company law; all old shares were replaced by the new shares in the newly formed ZFS “Zurich Financial Services” with a first listing on the SIX Swiss Exchange in Zurich and the second listing in London.
Corporate the Social Responsibility:
In 2009, the Zurich group was awarded the charity Times (Best Insurance Services) and shortlisted again in the year 2010. In 2012, the Zurich Community Trust (United Kingdom) won the Cross-Sector Partnership of the year Award for its partnership with the treatment charity Addaction.
At this group level, Zurich foundation’s mission is to help communities and individuals understand and manage the risk, leveraging Zurich’s core strengths as the insurer. Zurich group is achieving this aim by working with long-term partnerships with select non-profit organizations, e.g. Rainforest Alliance, and Practical Action.
Zurich Middle East in Dubai, UAE
It delivers financial protection when our customers need it most, help individual customers prepare for the future and corporate customers attract and retain the best talent through the provision of attractive employee benefits packages. It is one of the world’s largest insurers with having more than 140 years of experience in giving people the financial answers they are looking for, and you will find Zurich Middle East in more than 215 countries. Zurich Middle East is an insurance company it was founded in 1872. It has almost 10.001employees and this headquarter is in Dubai, UAE.
The Zurich Middle East insurance is the part of Zurich Insurance Group. In an effort to improve health insurance benefits in the UAE, Zurich middle east is introducing YourCare, the health insurance plan for the age group also known as the Millennials, (those people who born between 1984 and 1996), application is submitted online without prior health diagnosis. For four 4 AEDs (1.08 USD) per day, the customer would be covered up to 1 million AEDs (272 210 USD) funeral expenses, hospitalization fees, and health care for the children with cancer are included in this plan.
