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Due to increasing insurance rates, Switzerland-based Zurich Insurance Group Ltd. has dropped its global aggregate catastrophe treaty and is retaining the additional risk on its balance sheet, Reinsurance News reported. However, the insurer still maintains three towers of reinsurance coverage across its business, specifically for rest of world all perils, U.S. all perils and Europe all perils. It has also added new layers to each of the three towers, including a new $300 million top cat layer.
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1. Severe weather forces Turkish Airlines to cancel flights
2. Zurich Insurance drops global aggregate catastrophe treaty
3. Nestle to pay over $2 million to bullied ex-manager
4. QBE shrinks cat aggregate cover at reinsurance renewals
5. Insured losses from Turkey quake may exceed $4 billion
6. Property cat reinsurance rates up 60% in two years
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