Swiss Market Index plummets, down 3.5 per cent mid-morning

Hayley Kirton
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Insurer Zurich has seen its share price badly hit by the cost of the winter floods (Source: Getty)

The Swiss Market Index (SMI) fell dramatically this morning, down 3.5 per cent by mid-morning to 7,938.86, from a previous close of 8,223.76.

Particularly poor performers included Zurich Insurance Group, which fell 8.4 per cent, offshore drilling company Transocean, which dropped 5.4 per cent, and Credit Suisse Group, which tumbled 4.8 per cent.

Zurich's announcement this morning that the UK winter storms are likely to leave it $275m (£194m) out of pocket has no doubt had an impact on its share price.

Meanwhile, Transocean is due to be delisting from the exchange in March as well as likely to be feeling the knock-on effect of tumbling oil prices.

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