Zurich Insurance

Zurich Insurance Group (Zurich) is one of the insurance providers with a global network of subsidiaries, branches and representative offices in Europe, North and Latin America, Asia-Pacific, the Middle East and other regions.

The company offers a range of products and services in the field of general and life insurance, both for individuals and for small, medium and large businesses, as well as for international corporations. Zurich has about 60,000 employees in more than 170 countries. The Group, formerly known as Zurich Financial Services, is headquartered in Zurich, Switzerland, where it was founded in 1872. Shares of the holding company Zurich Insurance Group Ltd (ZURN) are traded on the SIX Swiss Exchange. In addition, there is a Tier 1 American Depositary Receipts (ZURVY) program participating in the OTCQX OTC trading system.

2023: Customer Data Breach in Japan

On January 10, 2023, the Japanese division of the American insurance company Aflac reported the theft of personal data of its customers. The Swiss company Zurich Insurance Group faced a similar attack in Japan. At the disposal of the attackers were personal information about about 4 million holders of insurance policies of these organizations.

As stated in the Aflac notification, the hack was discovered on January 9, 2023. The incident affected approximately 1.3 million customers of the company insured against cancer. Cybercriminals stole data such as names, age, gender, type of insurance, insurance number, insurance premiums, etc. The hackers put up the stolen information for sale on one of the forums on the darknet. It is known that the attack was carried out on a third-party computer system that serves Aflac services.

There was a data leak of 4 million customers of insurance companies Aflac and Zurich in Japan

The incident caused by a vulnerability on the file transfer server occurred with a subcontractor, which Aflac Japan uses for marketing purposes. The attack exclusively affected the Japanese division of Aflac and does not involve data related to operations or customers in the United States, the company said in a statement.

The hacker attack on Zurich Insurance Group is also reportedly linked to the computer systems of a third-party service provider. Initially, it was said that the leak affected 2.6 million customers. Stolen information includes names, policy numbers, customer IDs, email addresses, dates of birth, and vehicle details. A subsequent investigation into the incident showed that approximately 757,000 customers of Zurich Insurance Group in Japan were affected by the hack.

There is no indication that any customer data outside Japan has been compromised. In addition, there is no evidence of hacking into the internal systems of Zurich Insurance Group, a company spokesman said.[1]

Business in Russia

Main article: Turikum

2022: The sale of Russian business to managers amid the conflict in Ukraine and the renaming of the company to Turikum

On May 20, 2022, 3 months after the outbreak of the armed conflict on, To Ukraine the Swiss insurance company Zurich Insurance announced that it had extended the Russian business to local management and would leave the market. and RUSSIAN FEDERATION Financial other deal parameters are not disclosed. It is only known that the assets will go to 11 members of the division team.

The insurer intends to continue to fulfill obligations under previously issued insurance and reinsurance contracts.

As a result, JSC IC Zurich withdrew from the Zurich Insurance Group and continued its activities in Russia as a separate company under the brand of JSC IC Turikum.

Swiss insurance company Zurich Insurance sells Russian business to local management

This solution will allow the company to maintain a professional team with accumulated insurance experience, provide customers with reliable insurance protection and high quality of service, as well as offer insurance products unique to the Russian market, - explained in Zurich Insurance Group.

They also added that the sale of the Russian division will allow new owners to preserve the team with accumulated experience and continue to serve the market in the Russian Federation.

Zurich in Russia was engaged in property and accident insurance. It accounted for about 0.3% of the Russian insurance market, not counting life insurance.

According to the publication "Company," Zurich considered various options and communicated with potential buyers. But in the end, it was decided to sell the company to 11 employees, including not only top managers.

This is not to say that the Russian "daughter" Zurich is given for nothing, but the deal is held at a very attractive price for the buyer. The main criterion in determining the buyer was the well-being of those who work in the company, and stability in providing services to its clients, - said the source of the publication.[2]

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