Job cuts on way as Zurich Q3 profits plummet

Reserve strengthening in the US and August's Tianjin
explosion combined to slash Zurich's third quarter operating
profits by 79 percent year-on-year to $256mn.
After releasing a preliminary update in September, this morning
(5 November) Zurich confirmed the outsized $275mn impact the
explosion in the Chinese port would have on its quarterly numbers.
The $275mn included $10mn of reinstatement premiums.
Having said in its profits warning that it would have to
strengthen prior-year reserves in the