Zurich Financial raises rates

Zurich Financial Services AG, Switzerland's largest insurer, has increased prices for North America businesses to compensate for a drop in investment income. As interest payments from bonds, or yields, decline, "we need to make sure we cover that with increased rates on the insurance," said Mike Foley, chief executive officer of Zurich's North American Commercial unit. Zurich's profit has declined for five straight quarters as customers cut back on coverage and investment income declines amid the financial crisis, while peers including American International Group Inc. and Allianz SE have posted losses.