Zurich Insurance Group facts for kids
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The company's headquarters at Mythenquai in Zürich, Switzerland.
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Formerly
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| Public | |
| Traded as | SIX: ZURN |
| Industry | Financial services |
| Founded | 1872 |
| Headquarters | Zürich, Switzerland |
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Key people
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Michel Liès (chairman) Mario Greco (CEO) |
| Services |
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| Revenue |  US$ 69.87 billion (2021) |
| Total assets |  US$435.826 billion (2021) |
| Total equity | US$39.170 billion (2021) |
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Number of employees
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56,000 (2021) |
Zurich Insurance Group Ltd. is a large insurance company from Switzerland with its main office in the city of Zürich. It is the biggest insurance provider in the country.
Insurance is a way to protect yourself from financial loss. You pay a company a small amount of money regularly, and in return, they agree to pay for large, unexpected costs, like a car accident or damage to your home.
Zurich is a global company that operates in 215 countries and has about 56,000 employees. It is organized into three main business areas: General Insurance, Global Life, and Farmers. The company is so large that in 2024, Forbes magazine listed it as the 98th largest public company in the world.
Contents
History of the Company
The company has gone through several changes since it was founded in the 1800s.
Early Years (1872–1998)
Zurich was founded in 1872. At first, it was a reinsurance company, which is like an insurance company for other insurance companies. It was originally named "Versicherungs-Verein."
In 1875, the company started offering accident insurance. By 1894, it had expanded into many other countries in Europe, including Germany, France, Spain, and Italy. Because it was now focused on accident and liability insurance (which covers you if you are responsible for an accident), it changed its name to "Zurich Allgemeine Unfall- und Haftpflicht-Versicherungs-Gesellschaft."
In 1912, the company began operating in the United States. Over the next few decades, it continued to grow by opening branches in other countries and buying other insurance companies. For example, in 1922, it started a separate company for life insurance called "Vita." In 1955, the main company's name was shortened to «Zürich» Versicherungs-Gesellschaft, a name it still has today.
Becoming a Global Company (1998–2012)
In 1998, Zurich merged with the financial part of British American Tobacco. This new, larger company was called "Zurich Financial Services." In 2000, it was reorganized into a single holding company, which means one main company owns several smaller ones.
After a difficult period, the company became profitable again in 2003. In 2011, Zurich made a 25-year deal with the bank Banco Santander to provide insurance to its customers in Latin America.
Zurich Insurance Group (since 2012)
In April 2012, the company changed its name back to Zurich Insurance Group Ltd. This was to make it clear that its main business is insurance.
In December 2015, the CEO Martin Senn resigned from his position. Mario Greco was hired as the new CEO and started in May 2016.
In March 2022, the company decided to stop using its short logo, which was a white "Z" in a blue circle. This was because the "Z" symbol was being used in the Russian invasion of Ukraine, and the company did not want to be associated with the conflict.
What Zurich Insurance Does
Zurich divides its work into three main parts.
General Insurance
This part of the business provides insurance for individuals and companies. This includes common types of insurance like car insurance, home insurance, and insurance for businesses.
Global Life
The Global Life section offers life insurance, which provides money to a person's family if they pass away. It also offers products for saving money, investing, and planning for retirement.
Farmers Insurance
In the United States, Zurich owns Farmers Management Services. This group provides services to the Farmers Exchanges, which are a major insurance provider. Zurich's Farmers Insurance Group is the third-largest insurance group in the U.S. In 2020, Zurich bought the property and casualty insurance part of MetLife for $3.6 billion.
Zurich Around the World
Zurich operates in many countries, with major offices in Ireland, North America, and India.
- Zurich Ireland: This is Zurich's main company for non-life insurance business across Europe.
- Zurich North America: Since 1912, Zurich has grown to be a leading insurance provider in the U.S. and Canada, serving industries like cars, farming, and technology.
- Zurich Kotak General Insurance: Zurich owns 70% of this company based in Mumbai, India. It offers insurance for cars, health, travel, and homes.
Helping the Community
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Zurich is involved in many social projects. The Zurich Community Trust, its charity in the United Kingdom, has donated over £60 million since 1972 to help solve social problems.
The company also supports disaster relief. After Hurricane Katrina, Zurich began working with SBP, an organization that rebuilds homes after disasters. The company's Z Zurich Foundation gave SBP a $3 million grant to help communities prepare for and recover from future disasters.
In 2013, Zurich started a global program to help communities become more resilient to floods, with projects in Mexico and Indonesia.
Financial Information
Zurich Insurance Group is a public company, which means people can buy and sell shares (small pieces of ownership) of the company on the SIX Swiss Exchange. As of 2012, about 15% of the company's shares were owned by private individuals, while the rest were owned by other companies and organizations.
See also
In Spanish: Zurich Insurance Group para niños
- Zurich Art Prize
