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Zurich Insurance to cut technology spending

Posted On: Jan. 18, 2017 8:52 AM CST

Cecilia Reyes, chief risk officer of Zurich Insurance Group A.G., has said that the insurer plans to cut spending on large technology projects as it seeks to reduce costs, Bloomberg reported. 

Mario Greco, chief executive of Zurich Insurance, said that the insurer intends to save $1.5 billion from 2015 through 2019. Ms. Reyes did not rule out job cuts, and said that the insurer has "many levers to pull to manage our costs." Meanwhile, Zurich Insurance plans to expand its businesses in Latin America and Asia during the year, as well as boost underwriting revenues in developed markets.

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