Swiss insurance giant Zurich Financial Services today said the Asian tsunami and a string of hurricanes would cost it $185m (€144m) in the fourth quarter.

The UK City watchdog has fined Allied Dunbar, a unit of Zurich Financial Services, £725,000 (€1.07m) for ''serious flaws'' in the way it has handled mortgage endowment complaints.

Zurich Financial Services has confirmed that it's scrapping its fledgling online banking operation as it cuts 4,500 jobs.