When international risks demand attention, Zurich steps up with award-winning solutions

Innovative approaches to complex risk management challenges have earned Zurich Commercial Insurance honors from the European Captive Review Awards 2022.

Zurich was awarded a European Captive Award for underwriting solutions, thereby recognized of its strong commitment to not only underwrite commercial customers’ risks, but to also help them fully identify their exposures and address them in ways that prevent losses before they become claims.

“I’m incredibly proud of everyone involved in the work that has gone on behind the scenes to achieve this award and recognition from the panel,” said Emma Sansom, Group Head Captives at Zurich Commercial Insurance. “Our international programs and captive services create cost efficiencies for our customers and peace of mind that coverage is consistent across their global locations.”

“This is significant recognition of the work Zurich is doing to deliver complex risk management solutions to our commercial customers,” said Amar Rahman, Global Head Climate Resilience at Zurich Resilience Solutions. “We are bringing to market a range of innovative approaches that address captive underwriting, international programs, risk engineering, climate-change resilience and emissions management, well-being services and more.”

Strong support for global customers

The European Captive Award judges considered Zurich’s comprehensive services to global customers in its decision to present the underwriting solutions award. Zurich Commercial Insurance provides coverage and support for traditional risk transfer approaches as well as alternatives that include risk retention through captives and other mechanisms.

European customers with global operations benefit from Zurich’s international programs proposition and its captive services, which allow them to centrally purchase, manage and coordinate insurance programs. This allows each of the customers’ local subsidiaries to hold the same comprehensive coverage and services as their parent organization. Zurich’s network spans more than 200 countries and territories, with more than 7,700 international programs in place.

Zurich also stood out among competitors for the award thanks to its newly created Zurich Resilience Solutions unit that offers preventive risk management services that address traditional and evolving risks. In addition, Zurich Risk Engineering drew attention as a global network of 750 risk professionals operating out of 40 countries.

“At Zurich, we recognize that risk management is a fundamental part of any global insurance program,” Sansom said “Understanding the risks facing an organization now and in the future is critical to implementing long-term risk-financing strategies that are responsive and adaptable to the changing risk environment, especially when it comes to climate change. By identifying and mitigating risks, an insurance program can be built around an organization’s unique needs, using the captive to achieve effective coverage and financial efficiencies.”

Real-world solutions

The judges considered notable examples of how Zurich has strengthened customers’ resilience against natural disasters. Audi AG (Volkswagen Group) in Neckarsulm, Germany and Coats Group PLC in Bursa, Turkey are among the global customers that face such risks.

After Audi was hit with severe flooding in 2016 that halted production, Zurich worked with the automaker to put in water-filled barriers as part of a comprehensive approach to protecting the facility, employees and the surrounding community. When heavy rains hit in 2021, the barriers were deployed and surface flooding was prevented, proving the worth of the innovative solution. (Staying afloat during floods: helping AUDI AG (Volkswagen Group)

In earthquake-prone Bursa, Zurich Risk Engineering worked with Coats to update the thread manufacturer’s resilience measures that would protect its aging buildings and 900-employee workforce. A program was designed to strengthen the buildings and a number of steps were taken to improve anchorage of equipment, remove an obsolete water tank and shore up pipe bracing, among other measures. (Holding Steady: Coats strengthens resilience in quake-prone Turkey)

“These are two of the many examples of how Zurich’s resilience approach helps customers protect their staff, operations and the communities where they operate,” Rahman said.

Bolstering sustainability, protecting people

Zurich further impressed the judges with its approach to high-priority challenges such as climate change and supply chain issues, which the insurer tackles with dedicated teams that help customers move toward more sustainable ways of doing business. Zurich Climate Resilience was created to help companies identify potential climate-related risks and develop strategies for sustainable business models.

And, employee well-being is a focus through Zurich LiveWell, which offers digital health and well-being services to employees as a way to help corporate customers protect their most valuable resource.

Zurich’s global commercial insurance business wrote gross premiums of $28.2 billion in 2021. Its captive portfolio has grown from 153 captives and 307 programs in 2018 to more than 250 captives writing 500 programs. Fronted premiums have increased at a compound annual growth rate of more than 17% over the period.

“For 150 years in Europe and a century in the U.S., we have applied our expertise to provide customers with innovative and comprehensive insurance and risk management services,” said Sansom. “And we aren’t slowing down now.”