Zurich Insurance Group posted “accelerated” growth in its property and casualty (P&C) business during the first quarter of 2026 (Q1 2026), with infrastructure and data centre construction emerging as key demand drivers.
P&C gross written premiums (GWP) climbed 17% in US dollar terms to $15.56bn in the three months to 31 March 2026, equivalent to 8% growth on a like-for-like (LFL) basis.
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Commercial Insurance premiums grew 9%, supported by advances in global specialty and middle market, while retail premiums added 7%.
The group’s US construction arm expanded volumes by 21%, contributing to 7% LFL growth across its $10bn global specialty unit.
Zurich noted that its construction and surety books are positioned to benefit from sustained investment in data centres and infrastructure.
Middle Market premiums rose 7% on a LFL basis, with Europe, the Middle East and Africa leading the way, and retail growth was propelled by motor insurance through higher new business volumes and average rate increases of 8%.
By region, North America recorded 9% LFL P&C premium growth, underpinned by specialty and construction.
Latin America was the standout performer at 20%, driven by affinity partnerships, surety in Brazil and motor insurance in Mexico.
Zurich also strengthened its reinsurance cover for property catastrophe and US casualty during January and April renewals, including a $150m catastrophe bond against US named storms and earthquakes.
The Life segment reported gross premiums and deposits of $9.85bn, up 5% in dollar terms but down 5% on an LFL basis, reflecting reduced sales of lower-margin savings products.
Protection premiums advanced 9% LFL, with new business contractual service margin rising 18% to $348m.
Farmers Insurance posted 4% underlying fee income growth, while GWP at the farmers exchanges rose 4% to $7.72bn.
The company said its Middle East geopolitical exposure remained limited, with no material performance impact expected.
Zurich group CFO Claudia Cordioli said: “All our businesses started the year strongly, with growth accelerating across targeted business lines and customer segments, including Specialty, Middle Market and Life Protection. Combined with our geographic diversification, these results highlight the resilience of our business model and the strength of our franchise.”
