In a move to align its
structure with that of its parent, Zurich Financial Services
Australia (Zurich Australia) is to split its operations into
separate general and life insurance units.
Zurich Australia also
announced its CEO David Smith, who led the transformation process,
left the position at the end of March 2011.
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Zurich Australia’s chairman
Terry Paradine said: “The new model enables Zurich to singularly
focus on seeking opportunities in the highly competitive markets of
General Insurance and Life Insurance in Australia.
“Equally importantly, the new
structure will enable us to give an even greater depth of support
and service to intermediaries and customers.”
One of the remaining non-bank
controlled insurers, Zurich Australia, ranked 14th in Australia’s
life insurance market in 2009 based on premium inflows of A$295m.
This gave the insurer a market share of 0.9%.
In January this year, Zurich
Australia announced its intention to significantly increase is
presence in the group life risk market.
To this end, Zurich Australia
recently acquired the group life unit of International Underwriting
Services, a provider of products such as income
protection.
