Zurich Insurance ZURN.S stated on Friday that it has decided to sell its Russian business to members of the local team, making it the latest corporation to declare its withdrawal from the Russian market.
The Zurich unit will be rebranded under a different brand and the company will no longer conduct business operations in Russia.
A slew of companies has quit the Russian insurance market in response to Russia’s invasion of Ukraine.
The Swiss insurance business stated it owned roughly 0.3 percent of Russia’s non-life insurance market. It offers property and casualty insurance in Russia mostly for overseas customers.
In 2021, it had $34 million in gross written premiums in the country, the great majority of which were for overseas clients.
Only $3 million came from local Russian buyers, according to the report.