Zurich has confirmed proposals to cut up to 440 jobs in its UK general insurance business as part of a programme to reduce costs in the organisation and simplify its operating structure.
A spokesman told Post that the cuts would be made "across the board" and expected them to be made the end of the first quarter of 2016.
In a statement, the firm said: "The UK insurance market has become steadily more challenging and the drivers for this - including low investment returns and increasing loss trends - have accelerated in recent months.
"Zurich is a financially robust organisation - both globally and in the UK. The nine month results announced by Zurich Group last week however highlight the need for operational change - both to drive forward the UK business and to contribute to the success of Zurich globally."
As a result, the insurer has today (9 November) begun consulting with employees.
Zurich said that the cuts are the result of the need to reduce costs in the UK by at least £40m over the next two years, and feedback from customers and brokers, which suggests that the company adopts a more straightforward business model.
The UK job cuts are also part of a global scheme to deliver run-rate cost savings of $300m (£198m) by the end of 2016.
