Zurich says its property and casualty unit delivered record results in the nine months to September as gross written premium grew 8% to a new high of $US38.9 billion ($59.9 billion).

The GWP increase was driven by “exceptional” growth in retail and continued momentum in commercial insurance, according to the group.

Commercial posted GWP growth of 3% and retail GWP was up 16%.

“Momentum remains strong across all our businesses … Our leading commercial insurance business continues to see high profitability, while our focus on middle market and specialty lines positions us to benefit from long-term growth trends,” group CFO Claudia Cordioli said.

The insurer says natural catastrophe losses were down on previous years, reflecting a combination of fewer events and risk selection decisions.

“Over the last four years, proactive portfolio management led to a 25% reduction of US hurricane average annual loss exposure,” Zurich said.

In the Asia-Pacific business, GWP increased 12% to $US3.2 billion ($4.9 billion).

“Retail insurance showed a strong performance with higher motor and property sales across the region,” Zurich said.