Zurich Insurance Company (Singapore) Ltd (Zurich Singapore) has announced the appointment of Nixon Ooi as its new Head of Accident and Health. In his new role, Ooi will report directly to Alexandra Cowley, Chief Underwriting Officer for Singapore, and will be responsible for overseeing underwriting, portfolio management, and the development of propositions within the accident and health segment.
Ooi brings over 12 years of industry experience to Zurich Singapore, having previously served as Head of Accident and Health at Chubb. His career also includes underwriting roles at Tokio Marine Life and Interglobal. Cowley highlighted Ooi’s extensive industry expertise and deep market knowledge, emphasizing their importance as Zurich Singapore seeks to expand its accident and health business across Asia.
“With his leadership, customer focus, and deep understanding of the market, Nixon is well-positioned to enhance our proposition, ensuring that Zurich Singapore’s offerings remain competitive and responsive to customer needs,” said Cowley.
This leadership change coincides with Zurich Insurance Group’s financial results for the first half of 2024 (H1 2024). The group reported a business operating profit (BOP) of $3.99 billion, up from $3.72 billion in the same period last year. Net income attributable to shareholders rose to $3.03 billion, compared to $2.49 billion in 2023.
In the property and casualty (P&C) division, Zurich posted a BOP of $2.22 billion, slightly down from $2.25 billion the previous year, though representing a 3% increase in local currency terms. The life insurance segment achieved a record BOP of $1.05 billion, up from $939 million in the first half of 2023. Meanwhile, Farmers BOP grew to $1.12 billion, compared to $993 million in 2023.
Zurich attributed its strong performance to sustained results in the P&C segment, significant gains in life insurance, and continued growth in Farmers. The group noted that the commercial P&C market remains favorable, with rate adjustments aligning with loss-cost trends. Despite challenges from weather-related events, the retail and SME P&C segments improved due to rate increases and enhanced customer retention.
Zurich Group CEO Mario Greco expressed satisfaction with the results, noting strong performance across all business segments and favorable market conditions that offer opportunities for continued profitable growth. “This will continue to enable us to deliver strong returns for our shareholders,” he said.
