Zurich Life Insurance Company History

Zurich Life Insurance in Australia is delivered by the Australian arm of the global Zurich Financial Services Group. This connection with Australia dates back to 1920 when the Commonwealth General Assurance Corporation (CGA) began operating in New South Wales, CGA was acquired by the Zurich Financial Services Group in 1961 and re-branded it as Zurich Financial Services Australia Limited, otherwise known as Zurich Australia. Zurich Financial Services is an insurance based financial services provider that operates world wide.

The original company was founded in 1872 and its global headquarters remain in Zurich, Switzerland to this day. It now employs 60,000 people in 170 countries and is the second largest insurer of corporate business world wide with general insurance gross written premiums exceeding US$55 billion. It is listed on the Zurich Stock Exchange. Zurich Australia, which has its headquarters in North Sydney, is 100 percent owned by Zurich Financial Services Group and operates under the global Zurich brand, the only global financial services company operating in Australia under a single brand, it employs approximately 1,000 people within its Australian operations.

Most Zurich Life Insurance Mainly Obtained Through Brokers

Zurich Life and general insurance is offered by Zurich Australia to commercial customers, mainly through brokers. It also handles life risk as well as investment opportunities to both corporate and personal customers through their advisers and financial planners. Zurich Life Insurance does not openly compete in the Australian marketplace, preferring to focus on business planning to mutually assist in the growing of their business. It is not owned nor is it backed by any bank.

Zurich Life Insurance Enjoys a Standard and Poor A+ Rating

Both Zurich life Insurance and its general insurance arms enjoy a Standard and Poor A+ rating. This rating is indicative of its excellent capacity to be able to meet its claims. This is also an important consideration to be taken into account in the area of risk management in which Zurich Australia targets a large range of its business operations. It also offers flexibility and choice through its strong suite of core business and personal risk insurances. Personal risk including life, trauma and disability areas of cover. It is the only Australian insurer to receive a five star ranking for four consecutive years in this specific area of personal insurance.

Compare Life Insurance from Zurich

There are two types of life insurance available for purchase from Zurich – with advice from a financial advisor or without advice through Ezicover.

1. Life Insurance Products with Advice

• Income Protection Insurance: Keep your assets in tact when you suffer serious illness or injury and are unable to work.
• Term Life Insurance: Your dependables will recieve a lump sum payment in the event of your death or if you are diagnosed with a terminal illness. Additional cover is available for total and permanent disablement or if you suffer a trauma condition recognised by Zurich.
• Select Term Life Insurance: Pays a lump sum on the insured’s death or if they are diagnosed with a terminal illness.
• Trauma Insurance: Ease the financial stress of suffering a specified trauma or become disabled. Cover immediate and ongoing expenses including medical bills and modification to your changes.
• Needlestick Insurance: Insurance designed specifically for those working with needles.

2. Life Insurance Without Advice

• Ezicover Term Life Insurance: Pays beneficiaries a lump sum payment from $50,000 up to $1 million in the event of death or terminal illness.
• Ezicover Accident Income: Monthly benefit of $2,000, $2,500, $3,000, $3,500 or $4,000 for up to 12 months if you are unable to work due to serious accidental injury.
• Ezicover Accidental Death: pays a lump sum benefit on your accidental death of up to $500,000.
• Ezicover Funeral Advantage: In the event of policy holders death this policy provides a lump sum benefit of $5,000, $10,000 or $15,000 to help pay for immediate expenses including funeral.

The Leader in ecommerce in Australia

In the area of general insurance, Zurich Australia has become a leader in ecommerce innovation. It is Zurich Australia which has the honour of being the first general insurer in the country to announce a full end-to-end, web based commercial policy processing system called Z stream. It also offers a full raft of online risk management tools for the use of brokers and their clients, such as that of Virtual Fleet Risk Manager processing of CTP insurance. It provides insurance solutions for the mining and energy industry through Zurich global energy and Zurich subsidiary Associated Marine is the largest writer of marine, hull and cargo insurance in Australia.

Zurich Life Insurance Wealth Creation Solutions

There is a comprehensive range of superannuation and investment solutions available with Zurich Australia to suit any situation. The competitive products on offer give individual flexibility in account-based allocated pension plans as well as in superannuation and managed funds. The company plans to further grow its fund management business here through establishing strategic investment joint ventures as well as in intermediary based distribution structures. It had already achieved more than $6.3 billion in funds under management in its strategic investment partnerships by June 2008. Zurich Australia therefore looks on its Corporate Responsibility approach as building trust and integrity with its customers, employees, the community and all others with an interest through a well thought out contribution to the community and the environment. Its Corporate Responsibility initiatives instigated by Zurich Australia in 2008 include the following:

• Founding the Zurich Heart Foundation Health Index.
• Forming a partnership with the Heart Foundation to show its commitment to the heart condition of its clients.
• The development of an education program with its brokers and SME clients in order to assist them in the understanding and adoption of climate change and its related risks.

Automatically including flood insurance cover on all its commercial policies.

Zurich Life Insurance Corporate Sponsorships

Being of European roots, Zurich Australia is naturally proud of its corporate sponsorship of football by becoming an official partner of the Hyundai A – League. Its sponsorship of this major Australian sporting competition fits in well with Zurich Australia’s growth expectations that run parallel to that of the Football Federation of Australia. Zurich Australia also sponsors two industry awards, that of, AFA Advisor of the Year Award and the Australian and New Zealand Insurance Institute Award of Risk Management of the Year.

Zurich Life Insurance, despite being wholly owned by the global Zurich Financial Services Group, gives good service to its Australian policy holders as well as it being an important Australian corporate citizen with its corporate sponsorship of the Football Federation of Australia.