Zurich Financial considers 1000 job cuts

Swiss insurer Zurich Financial Services may cut 1000 jobs - nearly a fifth of its German insurance staff - in a bid to boost sales.

A company spokesperson said the insurer plans to save €100 million, which will be reinvested in products, branding and sales, and is working on a new business model, Reuters reports.

"We are looking at ways to make theses savings and one of the options is (cutting) 1,000 jobs."

The spokesperson said that Zurich was aiming to make a decision as quickly as possible.

German newspaper Handelsblatt says Zurich Financial plans to start a Europe-wide internet insurance business based in Bratislava, Slovakia.

This was not confirmed by Zurich Financial.

Last month, Germany's biggest insurer, Allianz announced plans to cut 7,500 jobs, including 5,000 in its German insurance operations.