The cuts are expected to save the company almost $250m every year by the end of 2015,
The Swiss underwriter said that the job cuts will allow it to rationalize its organizational structure while curtailing both complexity and costs as it continues to deliver on the group’s strategic priorities for 2014-2016.
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Furthermore, the insurer will revamp its business by investing in priority markets, at the same time divesting underperforming units.
This initiative follows a comprehensive review, and will help the Swiss company to remove management layers between group and the business units.
According to the insurer, its strategy will position the company for profitable growth, placing customers and their needs at the center of our business.
Zurich Insurance CEO Martin Senn said, "We continue to make significant progress towards our strategic goal to make Zurich a focused and more profitable business."
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By GlobalData"This latest initiative empowers our people to act decisively in delivering first-class services to our customers while also minimizing overheads.
"It will be implemented through a measured process, with employees supported at every stage of the transition," Senn added.
The proposed job cuts are subject to the appropriate consultation with employees and their representatives, according to the insurer.
