Zurich Financial prepares for property market losses

Zurich Financial Services has ended property lending in Britain and the Republic of Ireland, where real estate markets are among the worst hit by the financial crisis.

This content was published on July 16, 2010 - 11:36

The insurance company also sharply increased provisions by $330 million (SFr344 million) to shield against loan losses there.

Zurich said on Friday that both property markets were continuing to deteriorate. It had been financing commercial property developments through its subsidiaries Dunbar Bank and Zurich Bank.

"Ending this business [in Britain and Ireland] is the better option at the moment," Zurich spokesman Angel Serna said, adding that the group did not have similar operations elsewhere. and agencies

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at

Sort by

Change your password

Do you really want to delete your profile?

Your subscription could not be saved. Please try again.
Almost finished... We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.

Discover our weekly must-reads for free!

Sign up to get our top stories straight into your mailbox.

The SBC Privacy Policy provides additional information on how your data is processed.