The initiative, described as the first of its kind between a global insurer and broker, was piloted in the United States and is now expanding globally.
The establishment of API connectivity will allow Zurich and Marsh to access the same real-time, high-quality information on shared accounts.
Zurich says that this development is aimed at addressing the heavy reliance on manually updated information exchanges, which traditionally involve Excel spreadsheets, particularly in multinational programme management.
Jonathan Newbery (pictured above), head of broker and customer proposition at Zurich Multinational, said that the collaboration with Marsh, combined with the use of digital connectivity, is designed to optimise the efficiency and effectiveness of services delivered to mutual clients.
Earlier this month, Zurich also agreed to acquire a minority stake in Icen Risk, a London-based firm specialising in mergers and acquisitions (M&A) insurance.
Separately, Zurich has published a new report addressing the increasing threats posed by extreme weather events and natural catastrophes.
The report outlines the rising economic costs of such events and highlights the role of insurance in building resilience, offering recommendations to policymakers.
According to the International Chamber of Commerce, extreme weather events such as hurricanes, floods and wildfires have caused approximately $2 trillion in economic losses over the past decade. The frequency and severity of these events are reported to be increasing, driven by long-term climate changes including temperature shifts, sea-level rise and altered precipitation patterns.
Alison Martin, CEO EMEA and Bank Distribution at Zurich, said that addressing the increasing costs of extreme weather requires collective and immediate action and that the paper sets out how governments, insurers and communities can work together to address these challenges.
Zurich’s report notes that insurance plays a critical role in helping households, businesses and governments recover from natural disasters. However, the protection gap between insured and uninsured losses is widening.
Zurich advocates for strategies that focus not only on providing insurance but also on reducing risks and expanding insurance access to improve resilience.
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