In a move to align its structure with that of its parent, Zurich Financial Services Australia (Zurich Australia) is to split its operations into separate general and life insurance units.
Zurich Australia also announced its CEO David Smith, who led the transformation process, left the position at the end of March 2011.
Zurich Australia’s chairman Terry Paradine said: “The new model enables Zurich to singularly focus on seeking opportunities in the highly competitive markets of General Insurance and Life Insurance in Australia.
“Equally importantly, the new structure will enable us to give an even greater depth of support and service to intermediaries and customers.”
One of the remaining non-bank controlled insurers, Zurich Australia, ranked 14th in Australia’s life insurance market in 2009 based on premium inflows of A$295m. This gave the insurer a market share of 0.9%.
In January this year, Zurich Australia announced its intention to significantly increase is presence in the group life risk market.
To this end, Zurich Australia recently acquired the group life unit of International Underwriting Services, a provider of products such as income protection.