Insurance

Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier (often called an "insurance company), is sells the insurance policy to customers. The customers, who are called the insured or policyholder, are the person or entity (which may be a private company or other organization) buying the insurance policy. The amount of money to the customer pays for a certain amount of insurance coverage is called the "premium". Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured making a payment to the insurer in exchange for the insurer's promise to compensate (indemnity) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. In the event that the insured experiences a financial or personal loss which is covered by the insurance policy, the insured makes an insurance claim to the insurer. Insurance company claims adjusters and other insurance company employees assess the claim. Insurance policies typically set out certain circumstances or actions which will void the insurance policy; if the insurance policy is voided, then the insurer may not have to pay out the claim.

Zurich Insurance Group

Zurich Insurance Group Ltd. (SIX: ZURN) is a Swiss insurance company, commonly known as Zurich, headquartered in Zürich, Switzerland. The company is Switzerland's largest insurer. As of 2013, the group was the world's 75th largest public company according to Forbes' Global 2000s list, and in 2011 it ranked 94th in Interbrand's top100 brands.

Zurich is a global insurance company which is organized into three core business segments: General Insurance, Global Life and Farmers. Zurich employs around 60,000 people serving customers in more than 170 countries and territories around the globe. The company is listed on the SIX Swiss Exchange. As of 2012 its capital position was strong, with shareholders' equity of $34.494 billion.

History

The company was founded in 1872 as a marine reinsurance under the name "Versicherungs-Verein" (Insurance Association), a subsidiary of the Schweiz Marine Company. In 2000, after a number of acquisitions, it was unified to form one holding company – Zurich Financial Services.

Zürich

Zürich or Zurich (/ˈzjʊərɪk/, Swiss Standard German Zürich [ˈtsʏrɪç], German Standard German Zürich [ˈtsyːʁɪç], Swiss German: Züri [ˈtsyɾi], French: Zurich [zyʁik], Italian: Zurigo [dzuˈriːɡo], Romansh: Turitg [tuˈritɕ]) is the largest city in Switzerland and the capital of the canton of Zürich. It is located in north-central Switzerland at the northwestern tip of Lake Zürich. The municipality has approximately 400,028 inhabitants, the urban agglomeration 1.315 million, and the Zurich metropolitan area 1.83 million. Zürich is a hub for railways, roads, and air traffic. Both Zürich Airport and railway station are the largest and busiest in the country.

Permanently settled for around 2000 years, Zürich has a history that goes back to its founding by the Romans, who, in 15 BC, called it Turicum. However, early settlements have been found dating back more than 6400 years ago. During the Middle Ages Zürich gained the independent and privileged status of imperial immediacy and, in 1519, became a primary centre of the Protestant Reformation in Europe under the leadership of Ulrich Zwingli.