Zurich Insurance Group Ltd. is a Swiss insurance company, commonly known as Zurich, headquartered in Zürich, Switzerland. The company is Switzerland's largest insurer. As of 2020, the group is the world's 117th largest public company according to Forbes' Global 2000s list, and in 2011 it ranked 94th in Interbrand's top 100 brands.
According to INSURANCE JOURNAL website in 2006, Zurich Financial Services settled a $171 million case relating to bid-rigging and price-fixing in the United States. "Businesses shopping for commercial insurance were deceived into believing they were getting the best deals available," said Abbott. "The whole anti-competitive scheme was an intentional smokescreen by several insurance players to artificially inflate premiums and pay improper commissions to those who brokered the deals." The states included in the settlement were Texas, California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania, and West Virginia. Zurich is also required to pay about $122 million in refunds to commercial policyholders in a New Jersey class action lawsuit settlement. Zurich Financial Services settled a bid-rigging and improper "finite reinsurance" transactions probe. Zurich Financial agreed to pay $153 million in restitution and penalties and agreed to a series of reforms. Zurich apologized and acknowledged that "certain of its employees violated both acceptable business practices and Zurich's own standards of conduct by engaging in improper bidding practices and the ‘finite reinsurance’ transactions described in the Assurance of Discontinuance". The states included in the settlement were New York, Connecticut, and Illinois. In May 2007, Zurich Capital Markets, a subsidiary of Zurich Financial Services, paid $16.8 million to settle with the United States Securities and Exchange Commission for helping four hedge funds disguise their identities to avoid detection when making frequent trades in mutual fund shares. An SEC director stated, "By knowingly financing their hedge funds clients' deceptive market timing, ZCM reaped substantial fees at the expense of long-term mutual-fund shareholders" In 2015, small business owners and property developers in Britain complained that Zurich's British subsidiary, Dunbar Bank, had treated them unfairly by calling in loans quickly in order to wind down its loan book after the parent company pulled out of the specialist UK property market in 2010. They claimed that 71 Dunbar borrowers had been made bankrupt in the following five-year period, many more than by any of Britain's very much larger high street banks. One Dunbar customer wrote: "Dunbar’s latest set of accounts show that over 95% of its loan book is now classified as impaired or overdue the equivalent figure for UK Asset Resolution, the country’s bad bank, is just 37%". In 2019, the local branch of Zurich Insurance Group was one of four insurance companies fined by Portugal's competition authority ADC for “cartel practices” regarding workplace accidents, health, and auto insurance.
Former Employee - International Business Analyst says"Zurich is proud to offer our employees flexible work arrangements, including the option to work from home. The technology that the company put in place to help facilitate effective work from home options has truly served us well as we respond to the COVID19 crisis."
Independent Contractor (Current Employee) says"They do not hire anymore. Currently a hiring freeze. They will bring you in as a contract that is made to feel like an outsider. Contractors will see a constant revolving door and be treated very poorly. Management is a joke. They have people managing staff and people when they themselves do not even know how to perform the work themselves. Management is strictly CYA and will blame everyone else for they mistakes"
says"Our employees are great, caring people, and what we do every day for our customers and for each other matters. Zurich strives to maintain a supportive and inclusive place to work. We support new ideas, recognize talent and reward performance. We know there is always more work to do, but we believe the right steps are being taken. Zurich management is tasked to ensure our employees have the tools needed to successfully perform their work. We believe our management team does this very well. As an employee, your opinions matter. We encourage you to discuss your thoughts with your manager, or better still, visit our idea center and share your ideas and recommendations. Your feedback helps us make Zurich a place where each of us can be our best. You can also share your concerns by visiting our Ethics and Compliance Line which can be accessed at the following link and provides an option for anonymous reporting: https://www.compliance-helpline.com/EthicsandComplianceLine.jsp Thank you for taking the time to write this review. We will share your thoughts with Claims Leadership for their review."
Associé à la souscription Département Construction (Former Employee) says"La pyramide de m staycity de l’entreprise est à l’envers: plus de manager que des staffs à être gérer! Un employé peux recevoir l’ordre de plaisir en même temps!"
says"Flex work and PTO are only a couple of the amazing benefits we offer to our employees. Zurich is very proud of their employees, the contributions they make, and their support of our purpose and values. We are “One Zurich”. Zurich strives to maintain a supportive and inclusive place to work, embracing new ideas, recognizing talent and rewarding performance, and finding ways for everyone to grow and thrive. We were disappointed to read the Cons you mentioned and feel this is a situation that requires further review. We ask that you please visit our Ethics and Compliance Line: https://www.compliance-helpline.com/EthicsandComplianceLine.jsp and provide additional information surrounding your feedback. The Ethics and Compliance Line does have an option you can select to provide anonymous information, should you so wish. We thank you again for your review, and wish you all the best in your future endeavors."
Senior Worker’s Compensation Claim Representative (Former Employee) says"Working at Zurich was the worse experience of my career. Over worked adjuster. Tells their clients the adjusters have less claims than they really do is one of the multiple reasons I could no longer work here."
Current Employee - Information Technology says"Thank you so much for your 10+ years of service. As a seasoned IT professional, we encourage you to leverage Zurich's Employee Referral Program to recommend individuals within your network to open opportunities with Zurich."
Sr. Principal Engineer, AVP (Former Employee) says"All work is reactive. Culture of snakes and inept engineers, It is a lair of snakes and scorpions. Obviously this looks like a disgruntled employee comments, which off course it it, but think about it."
August #RiseUP Mac says"RT @brookeandtodd: 16. Martin Senn - Former Zurich Insurance - May 2016 - Suicide https://t.co/9oFKzj5cpq"
August #RiseUP Mac says"RT @brookeandtodd: 15. Pierre Wauthier – Zurich Insurance Group AG – Suicide Ackermann became chairman of Zurich Insurance. But he resigne…"
IAM Platform says"Changes at Zurich: New Digital Team; New CEOs for Asia Pacific, North America, Latin America READ MORE:… https://t.co/3ZWQkdh6Jz"
David Sobo says"Impact Of Outbreak Of Coronavirus (Covid-19) On Digital Innovation in Insurance Market 2020 Growth Factors | Strate… https://t.co/0HiUXXXJHv"
In The News
World Economic Forum reports"5 infographics to stop the spread of COVID conspiracy theories"
Insurance Business reports"Ritz-Carlton sues Zurich over denied business interruption claims"
Minneapolis / St. Paul Business Journal reports"Life Time suing Zurich Insurance for $130 million over pandemic losses"
Insurance Business reports"Zurich names accident and health head in the US"