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CEO: Zurich Insurance Dividend Policy Unchanged

Source: Marketwatch

Posted on 28 Jan 2013 by Neilson

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Zurich dividendsZurich Insurance Group AG's dividend policy remains unchanged despite an estimated $700 million in damage claims stemming from Hurricane Sandy in the U.S, the insurer's chief executive was quoted as saying Sunday.

Martin Senn said in an interview with the SonntagsZeitung that the claims would impact the insurer's fourth-quarter results, but added that he doesn't expect a revision of its claim estimates will be needed.

"Our dividend policy is clear. We strive for a sustainable, attractive dividend. Our philosophy is unchanged. Right now, there's no reason to deviate from this philosophy," Mr. Senn was quoted as saying. Zurich reports full-year results on Feb. 14.

Hurricane Sandy, with an estimated cost of $25 billion, could become the third costliest event since 1980 based on original values after Hurricane Katrina in 2005 at $62 billion, and the Japan earthquake and tsunami in 2011, whose costs were estimated at $35 billion to $40 billion.