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Zurich almost triples Q3 profit

Swiss insurance company Zurich Financial Services has reported a Q3 profit that has almost tripled to a record figure as the company paid less in claims after Hurricane Katrina the previous year.

Net income totaled $1.3 billion, almost tripling from $457 million last year, beating the $998 million forecast from a poll of analysts surveyed by Bloomberg. This has also raised the insurance firm’s forecast for next year.

Other insurance companies such as Allianz and St Paul Travelers have also reported higher third quarter profits aided by the drop in claims after Hurricane Katrina.

Zurich aims to add to the earnings by improving its risk models and the method by which it underwrites policies.

The hurricane season is set to end in November 2006, with no major losses in the current year.