The company said Blair would advise Zurich's Chief Executive Officer (CEO) James J. Schiro and "provide general guidance on developments and trends in the international political environment."
Blair will specifically advise and collaborate with Zurich on its Climate Initiative and work closely with its newly launched Climate Change Advisory Council.
Tony Blair was quoted as saying: "I am very pleased to be taking on this role advising Zurich and in particular supporting its Climate Initiative. There is a consensus now that the challenge of climate change is real, and what we need now are the policy solutions to turn that concern into action."
James J. Schiro said the group was "excited about the considerable expertise and experience that Tony Blair brings to Zurich's Group management in his role as strategic advisor."
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 58,000 people serving customers in more than 170 countries.
However, there was no indication as to how much the ex-premier would be paid and how much time he would spend working for the company.
Blair is to receive 2.5 million pounds a year ($4.9 million) after being hired by investment bank JP Morgan in a "senior advisory capacity." He is to advise JP Morgan on political and economic changes caused by rapid globalization.
Blair, who stood down as prime minister last year after having held office for over a decade, took the part-time post last week.
Blair has also recently signed a five million pound ($9.79 million) deal to write his memoirs and receives a prime minister's pension of 64,000 pounds ($125,000) a year.
One of Wall Street's leading banks, JP Morgan is part of JP Morgan Chase & Co, a global financial services firm with assets of $1.5 trillion and offices in over 50 countries.