Regulation issues sees Zurich Intl pull out of Australia and Thailand
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From September 30, ZIL will not accept new individ- ual business from clients resident in several countries acr- oss the regions, including Australia, Malaysia, Philippines and Thailand. ZIL says its mandate will continue in Hong Kong, Singapore and Taiwan where it is well established and has the resources to ensure it is fully compliant with local regulations.
Existing business written with ZIL by advisers is not aff- ected by the changes but if clients want to take out a new contract, it cannot be done with the company.
ZIL's step back from the Asian and Australasian markets follows its move in March to reduce distribution to clients in the European Union.
In a note to advisers at the end of August, Zurich says: "Over the past months, we have been undertaking a strat- egic review of the territories where ZIL currently conducts business.
"From a strategic perspective, Zurich believes that the increasing complexity of regulation elsewhere in Asia and Australasia requires resources which are no longer in proportion to the benefits derived from accepting business from these countries."
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