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Zurich

Zurich exits strata market, completes business overhaul

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Zurich has pulled out of the strata market, but says no more significant changes to its Australian operations are planned.

The insurer will cease offering new strata policies and renewals from March 15, but all existing policies remain valid until their expiry date.

Zurich announced late last year that it would be exiting the NSW compulsory third party market, also effective from next month.

CEO Raj Nanra told insuranceNEWS.com.au the transformation program, which involved significant restructuring of the business and staffing levels, is now complete.

“Over the past couple of years we have been re-underwriting the strata book,” he said. “We got to the end of the year and noticed the book had become so sub-scale and we had such a small share of the market that it was better for us to redeploy that capital in other areas.”

Mr Nanra says Zurich does not plan to pull out of any other classes of business.

“We are looking to focus on and grow our distinct positions and we have been very clear with brokers and the market about where we want to put our capital,” he said.

“We came out with our new strategy last year and there has been a very consistent message.

“We want to continuously improve, but all the significant changes are behind us now.”