1872
Zurich is founded under the name Versicherung Verein / Insurance Club as a subsidiary of the “Schweiz” Marine Insurance Company. Its main business purpose is to write marine reinsurance from the parent company and to build up a marine book of its own.
1875
Zurich moves into the new business field of accident insurance, changing its name to Zurich Marine and Accident Insurance Ltd. By the end of the year Zurich has offices in Germany, Austria, and Scandinavia. In 1877 a branch office in Belgium is established and one year later an office is set up in Paris, France.
1880
After a severe loss that can only be covered by using the capital reserve, Zurich decides to quit the marine business with immediate effect. Gross premium income climbs above CHF one million for the first time.
1881
The first year for which a clear breakdown of gross written premiums by countries is available shows how international Zurich’s business already is. The largest market is Germany, with a share of 53%, followed by France with 21%. The home market, Switzerland, comes only third with 19%. The rest is distributed between Austria 4%, Scandinavia 2% and Belgium 1%. The most significant feature is the fact that the home market of Switzerland was not the main market for Zurich. Apart from four years in the late 1970s, this has been true of Zurich’s business for the whole of its 135-year history, and differentiates the company from competitors with similar long histories.
1885
With the establishment of a branch office in Spain, the first wave of international expansion is concluded. An agency in Italy had been opened in 1881.
1886 - 1890
After the nationalization of a large part of accident insurance in Germany in 1886, namely workmen’s compensation, that country becomes Zurich’s laboratory for liability insurance. While Zurich’s liability business started around third-party liability of factories and other industrial premises, by 1890, new products had been introduced in Germany for a whole variety of other liabilities, including homeowner’s/real estate liability, medical malpractice for doctors and pharmacists, hunter’s liability, private liability and horse owner’s liability.
1894
Having not written marine insurance for 14 years and with an ever larger liability book, Zurich changes its name to Zurich General Accident and Liability Insurance Ltd.
1898
Zurich’s first printed automobile liability rate schedule is issued by the Belgian office. Zurich’s French business gets a boost with the introduction of new laws regarding workmen’s compensation. The French laws make accident insurance compulsory for most industrial sectors while leaving cover with private insurers, in contrast to Germany. Accordingly France becomes Zurich’s main market in 1900, a position it consolidates after 1905. Germany takes second.
1900
Fritz Meyer follows Heinrich Müller as CEO. He uses the boom years at the start of the new century to introduce a whole series of new reserves and thereby establishes Zurich’s superior financial strength. He is remembered under the nickname “Reserves Meyer”.
1901
The main building of today’s Corporate Center in Zürich at Mythenquai 2 is completed.
1912
In December Zurich gets the necessary licenses to start business in the US. The significance of this move quickly becomes evident. At the close of its first business year, the American business already makes up 9% of Zurich’s overall premium income. Only seven years later, in 1920, the US becomes Zurich’s main market, accounting for 50 percent of its overall gross written premium – a position the US has never lost apart from the few years in the 1970s mentioned above.
1915
Zurich purchases Hispania Compania General de Seguros, based in Barcelona. It is the first time that growth is achieved by a takeover of an organization. For the first time, the reserves level reaches 150 percent of gross premium.
1922
While most of its competitors concentrate their operations after World War I on their home markets, Zurich uses its financial strength and its extraordinary international experience to further expand internationally. It enters the UK general insurance market as the first foreign insurance company to write non-marine business there.
In the same year Zurich starts the VITA Life Insurance Company in Switzerland, which quickly starts to expand internationally using Zurich’s network. By 1930 VITA has its own organizations in Belgium, Germany, the Netherlands, Spain and France.
1923
A branch office in Canada is opened.
1924-1939
Multiple acquisitions and foundations:
- 1924 Acquisition of Lancashire and Cheshire Insurance Company in UK;
- 1928 Acquisition of Kosmos Insurance Company in Vienna, Austria, and Deutsche Allgemeine Insurance Company in Berlin, Germany;
- 1929 Zurich Fire Insurance Company of New York is founded. The purpose is not to write property fire business but to be able to grant fire cover for cars as part of car-hull insurance;
- 1930 Acquisition of controlling interest in Merkur Insurance Company in Prague, Czechoslovakia;
- 1935 Acquisition of Bedford Insurance Company UK and Holmia Insurance Company in Sweden; foundation of Abri Insurance Company in France;
- 1938 Acquisition of La Nation life, non-life and reinsurance companies in France; foundation of Turegum Insurance Company in Switzerland;
- 1939 American Guarantee and Liability Company founded in New York as an independent legal entity to which the US operations could be transferred in the event of war disruption.
1925
The so-called Ford Scheme brings the breakthrough in the English market. In a partner marketing agreement it makes Zurich the official insurer for all newly-sold Ford automobiles in the UK. By year end of 1926, premium income from the Ford Scheme is already GBP 60,000 and accounts for 50 percent of Zurich’s total premium income from the UK.
The VITA life insurance company becomes the first European life insurance company to introduce free medical check-ups for its customers, an idea which was first established by US life insurance companies in accordance with a life insurance ground rule: good health is good business.
1926
The English business newspaper “The Journal of Commerce” comments on Zurich’s UK operation: “The only foreign insurance company which attempts to make direct invasion of any consequence in the English accident insurance market.” The article, which provides an in-depth analysis of Zurich’s balance sheet published in its annual reports, concludes: “It is evidently one of the best companies of its kind.”
1930
With the introduction of Hollerith punch-card machines for accounting, administration and statistics, Zurich enters the age of electronic data processing.
1933
Against intense competition Zurich is awarded the leading contract of the liability insurance program for the 1933 World’s Fair in Chicago.
1943
The international scope of its operations and its strong and well-established organizations in the respective national markets prove a tremendous advantage and enable Zurich to enter a strong growth cycle. From 1943 to 1949 gross premium income grows by a yearly average of 13%. Zurich is perfectly positioned to grow with the war boom in the US and Canada, as well as the post-war boom in Europe.
1950
Zurich acquires a participation in the Metropole Insurance Company in Lisbon, Portugal.
1955
Zurich establishes itself as a one-stop wholesale insurer and accordingly changes its name from Zurich General Accident and Liability Insurance Company to Zurich Insurance Company.
1960 - 1970
Multiple acquisitions take place:
- 1960 Commonwealth General Assurance Corporation Australia;
- 1965 Alpina Insurance Company Switzerland; Iguazù Compañia de Seguros S.A. Argentina;
- 1969 Agrippina Insurance Holding Cologne, Germany.
1976
With the establishment of the International Division (later renamed Zurich International), Zurich is the first European insurer (the second worldwide, after AIG) to offer umbrella programs to its corporate customers, which for example cover all facilities of a company worldwide.
1978
Risk Engineering is founded as part of the International Division, which as a world innovation provides integrated risk analyses to corporate customers going beyond traditionally analyzed property risk to include safety and liability risks.
1979- 1988
Further acquisitions take place:
- 1979 Empire Fire and Marine Insurance Company, Nebraska, US;
- 1980 Fidelity and Deposit Company, Maryland, US;
- 1982 Universal Underwriters Group, Kansas City, US, Alstadt Insurance Company, Switzerland ;
- 1984 Anglo Americana de Seguros Gerais, Brazil;
- 1986 Minerva Group, Italy;
- 1988 minority interest in Centre Reinsurance Holding.
1980
Zurich acquires a minority interest in the largest Philippine insurer, the Malayan Group. The agreement includes the founding of a joint venture company, the Malayan-Zurich Insurance Company, which holds interests in non-life insurance operations in Guam, Malaysia, Singapore and Taiwan.
1984
Zurich Risk Engineering introduces special courses for its own engineers as well as risk engineers of corporate customers. During eight weeks they are trained in the fundamentals of property, safety, and liability engineering, as well as the Zurich Hazard Analysis, a tool to assess, prioritize and improve risks. The course itself is unique and the inclusion of customer representatives is a breakthrough. It not only makes customers more self-sufficient in managing their risks, but forges strong partnerships.
1989
For the first time, Zurich publishes consolidated Group financial statements, for the business year 1988. With the acquisition of the Maryland Casualty Group in the US, Zurich achieves its largest takeover to this date.
1991-1993
Expansion of the business in Latin America, Switzerland and the UK:
- 1991 Majority interest in La Chilena Consolidada life and non-life insurance companies in Chile; Geneva Insurance Group, Switzerland;
- 1992 Controlling interest in Chapultepec Insurance Company, Mexico City, Mexico;
- 1993 Municipal Mutual Insurance, UK.
1993
Representative office opens in Beijing.
1996
Zurich acquires over 80 percent of Kemper Corporation, with two life insurance subsidiaries and 97 percent of Kemper Financial Services.
1997
Zurich acquires a majority interest in Scudder, Stevens & Clark, New York. Subsequently, the Kemper activities are merged into Scudder to form Scudder Kemper Investments.
1998
Zurich and the financial services arm of UK-based B.A.T Industries (Eagle Star, Allied Dunbar in the UK and Farmers Insurance in the US) combine their activities in the insurance and financial services sectors to become Zurich Financial Services.
2002
Zurich takes on a clear strategic direction by sharpening its focus as an insurance-based financial services provider.
2003
Zurich announces it is on track with its ambitious goals and records a significant net income.
2005
Zurich launches its global brand campaign, Because change happenz, a step towards building Zurich into a leading brand and ensuring sustainable growth.
2006
During the first six months, Zurich generates a record business operating profit of USD 2.8 billion and a 19 percent return on common shareholders' equity. Zurich completes its de-listing from the London Stock Exchange.
