The reading level for this article is All Levels
Many of the financial business models that we are familiar with today have origins in central Europe, and one of the most common of them is that of private insurance. While the concept of insurance has existed throughout civilized human history, the modern form of business insurance originated with maritime insurance; business insurance that covered the costs of naval and merchant ships from ancient times throughout the middle ages. And not much differently than today, the costs of doing business were a very serious matter, and often were met with regulatory actions.
One of these companies that formed later on was Zurich. In 1872, the company developed as a subsidiary of Schweiz Marine Insurance Company in Switzerland, which was later changed three years later to Zurich Marine and Accident Insurance. The company underwent rather significant expansions, and in 1912, Zurich became the first foreign insurer to enter the market of the United States, with offices today located in New York, Washington, New Jersey, Kansas, Illinois and Bellevue.
In Europe, it moved quickly into Britain and in time, they saw Zurich insurance move UK business to Ireland as well. The expansion that Zurich underwent was incredible, and the company has survived for a long time without too many horrible incidents.
One of its criticisms came in 2006, when many of the united states launched a suit against Zurich on matters related to bid rigging, which was essentially a minor cartel. However, from its simple origins to its move overseas to the Zurich insurance move UK business to Ireland, to its recent large, global campaign to Zurich has been an excellent, strong company with long lasting tendencies.
