Matt Graves has been appointed as the new Chief Claims Officer at Zurich Insurance Company (Singapore) Ltd (Zurich Singapore). Reporting directly to Liam Burrell, CEO Singapore and head of commercial insurance Asia, Graves will assume responsibility for managing all claims operations within Zurich Singapore's commercial and recently launched retail sectors.
With over 20 years of experience in the insurance sector, Graves has occupied diverse roles at Allianz, Suncorp, and Zurich, focusing primarily on claims management. His journey with Zurich began in 2016, assuming the role of team leader for the major loss property team in Australia. Recently, he spearheaded the short-tail lines claims operations in Singapore, overseeing property, global energy, construction, and marine teams throughout the region.
Taking up his new role, Graves will become a member of Zurich Singapore's executive committee, focusing on pioneering claims solutions. He will forge strong collaborations with customers and partners across the region, aiming for enhancements in the end-to-end claims procedure. Commenting on the appointment, Burrell said, “I am pleased to have a seasoned claims executive of Matt’s calibre take on this critical role. Zurich is focused on delivering our customers and partners an efficient and smooth claims experience and Matt’s significant operational and technical expertise will further enhance our claims proposition and performance”.
Group chief financial officer Claudia Cordioli noted the robustness of the group’s diversified business portfolio, “Ongoing growth in both our P&C and life portfolios, combined with improved margins in retail P&C, confirms the strength of our diversified business model. Farmers continue to show impressive results with Farmers Management Services reaching 6% growth in underlying fee income, well on track to meet or exceed the guidance of mid-single digit growth for the year”, she said.
Zurich reported, “In P&C, the group has seen strong growth in both the commercial and retail businesses. Insurance revenue grew 8% in commercial insurance and 10% in retail. In commercial, rates improved across all regions with an average of 5%. North America was a key contributor with overall rate increases of 8%, including commercial auto where rates increased by 14%. Retail had a highly successful start to the year, continuing to see strong, broad-based growth, with 5% rate increases. Growth was additionally supported by higher customer retention in all regions. Top-line growth was underpinned by a 7% rate increase in motor. The rate increases come alongside targeted underwriting, claims, and expense initiatives designed to continue improving profitability”.