In Cost Cutting Move, Zurich Insurance Lays Off 53 in Middle East

December 4, 2013 by Carolyn Bandel and Zainab Fattah

Zurich Insurance Group AG, Switzerland’s biggest insurer, fired 53 people across its general insurance operations in the Middle East as part of cost- cutting plans.

“Fifty-three people were made redundant from the general insurance business in the Middle East in October, spread across all six countries where we have licenses in the region,” Sean McAllister, a Dubai-based spokesman for the insurer, said in an e-mailed statement today. The move was partly due to “cost- cutting and partly the introduction of a leaner structure to make the business more agile in the Middle East,” he said.

General insurance’s gross written premiums from the Middle East declined to $148 million in the first nine months of the year from $151 million in the year before period, according to company filings. Gross written premiums in the first nine months of the group’s total general insurance business were $28.2 billion.

The company’s life insurance business in the region was not impacted by the redundancies, according to McAllister. Zurich Insurance is due to hold an investor day tomorrow in Zurich.

–Editors: Zoe Schneeweiss, Steve Bailey