A changing world
Zurich employee Chris Robertson volunteering in Sri Lanka
With a deeper understanding of our customers' needs, we can develop new solutions for a new age.
Providing products and services, however high the quality, is not enough in today's world. Our declared aim is actively to evaluate change so that we can prepare for tomorrow and demonstrate thought leadership in our industry. This continues a tradition that has marked our development over 135 years.
The essential premise of insurance remains as true today as it was centuries ago when merchants pooled their resources to safeguard each other's cargoes. True, insurance has outgrown in sophistication anything the first part-time 'underwriters' could have imagined, but the basic aim is the same – financial peace of mind. Coupled with this is the central factor of risk in all its forms and the challenge of how to mitigate and manage it.
Measured risk is essential for human and commercial progress, and the capacity for entrepreneurial risk-taking over the centuries would have been severely limited without the ability to protect against loss. Zurich has been at the forefront in widening the scope of such protection.
A pioneering approach
In 1898, we pioneered automobile insurance with the publication of the first rate schedule by our Belgian branch office. Fourteen years later, we were among the first continental European insurers to enter the burgeoning United States market. In 1925, we were the first European life insurer to introduce free medical check-ups for life customers. We achieved many other firsts in our history, and today we continue to draw on our extensive knowledge to provide fresh risk insights to our customers, constantly striving to expand the traditional role of insurance.
One major issue we are addressing is the demographic inevitability of the world's steadily increasing population. The UN forecasts that the global figure will rise from the current 6.7 billion to 9.2 billion by 2050, mostly in less developed regions. And an inescapable fact is that these disadvantaged inhabitants of our planet are especially vulnerable to the economic consequences of risk, either from natural catastrophes or the regular occurrence of illness and accidents. To counter this, we are developing microinsurance products focused on the underprivileged sections of our population. You can read more about these initiatives in the following pages.
For many people, climate change is the defining challenge of our age. Certainly, our customers are increasingly seeking guidance and help in identifying and managing climate-related risks and opportunities. Our approach is primarily from the point of view of our customers, to see how we can anticipate their needs and expectations regarding risks driven by climate change. Again, the following pages contain details of our work in this direction.
Our response to these two issues typifies the forward-looking approach that has been a consistent feature in our long history. Working with our customers to understand their business and their concerns, we will continue to adapt our products and services to meet those needs and to develop new solutions for a new age.
Constantly evaluating change
In pursuing these aims, we will continue to strive for thought leadership in our industry, reflecting our commitment to be at the forefront of evaluating change so that we can provide relevant and secure products for our customers.
Our thought leadership in addressing these societal challenges is a demonstration of our ongoing efforts to improve our corporate responsibility performance, while complementing the significant contribution our employees around the globe already make to communities in which they live and work.
Finally, by embedding The Zurich Way in all our businesses and by deepening our customer knowledge, we can meet the demands of fast-changing markets. With common business processes, shared values and a shared culture, we are confident we can serve our customers better, generate growth and sustainable profit for our shareholders and provide an exhilarating and rewarding environment for our employees.
For more information see www.zurich.com
