Chubb is the world’s largest publicly traded property and casualty insurer, based on market capitalisation of US$61.6 billion as of September 30. The company has operations in 54 countries and territories, and offers commercial and personal P/C insurance, in addition to personal accident and supplemental health insurance, reinsurance and life insurance. Chubb is a leading commercial lines insurer in the US, and is the largest financial lines writer globally. It is also the largest personal lines provider globally and leads in this line in the US as well, though almost 40% of the company’s business is transacted outside the country.
Chubb boasts a diverse group of clients, from mid-size and small businesses to multinational corporations, and high net worth individuals as well as those seeking to purchase personal accident, supplemental health, homeowners, life, automobile, and specialty personal insurance coverage. The insurer serves companies and affinity groups offering accident and health insurance programs and life insurance to employees or members, and services other insurers managing their exposures with reinsurance coverage. It is also an underwriting company with deep expertise across a range of industries and specialty coverage areas. Its claims handling service has the ability to handle claims big and small, and Chubb’s risk engineering services, comprised of over 400 risk engineers worldwide, help companies prepare for and minimise costly exposures.
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Chubb, which employs more than 31,000 people worldwide, holds over US$167 billion in assets and had US$36 billion of gross premiums written in 2017, according to the company’s website, and its insurance companies have financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best, as of November 2018. Its parent company, Chubb Limited, is listed on the New York Stock Exchange and is also a component of the S&P 500 Index.
A merging of two insurance giants
The Chubb Corporation was founded in 1882 when Thomas Caldecot Chubb and his son opened a marine underwriting business in New York City, focusing first on insuring ships and cargoes. Fast forward to 2016, the company was acquired by ACE Limited while retaining the Chubb name. ACE was established in 1985 to answer a need in the US insurance marketplace for excess liability, and directors and officers coverage. It expanded its product offerings over the following decades and at the time of its Chubb acquisition, ACE was a leading global insurer with customers from multinational companies as well as individuals across the globe.
What products does Chubb offer?
Chubb’s impressive portfolio of products spans a variety of lines, from commercial P/C insurance products for businesses of all sizes to personal lines –automobile, homeowners, recreational marine and aviation and umbrella liability coverage, to name a few – but also includes captive programs, political risk coverages, crop insurance, accident and health, life insurance, excess and surplus lines, along with many others, though offerings vary across regions.
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Industry practices are likewise varied, and include clean tech, construction, cultural institutions, healthcare, private equity, real estate, technology, and many more. Commercial coverages are equally diverse, with cyber, management liability, commercial auto, but also railroad liability, transactional risk, foreign casualty, and mergers and acquisitions, alongside a full roster of other products.
Chubb’s products are distributed through retail and wholesale brokers, independent and captive agents, as well as bancassurance, mobilassurance, direct marketing, and other channels. For brokerages, Chubb provides tools, resources and programming, such as product training, to help its partners succeed.
Committed to digitisation
As increased interconnectivity changes ways of doing business and offers up new opportunities to manage risks, Chubb is jumping onboard the Internet of Things (IoT) technology train, partnering with the Hartford Steam Boiler Inspection and Insurance Company to install sensors and devices in the homes of businesses of its policyholders that will monitor for water leaks, temperature changes, and other factors that can lead to significant property damage if left undetected. Chubb Personal Risk Services clients will see sensors for early water leak detection installed in primary and secondary homes, while advanced sensors that monitor temperature, vibration and humidity changes will be implemented in clients’ homes to protect against damage to fine art, wine collections, and a host of other valuables. Commercial clients that operate in environments sensitive to these factors will likewise have sensors installed.
Chubb also recently expanded its partnership with password manager Dashlane to get its complimentary cyber services to even more clients outside of North America.
“We are committed to bringing to our cyber policyholders the most effective risk improvement services,” said Chubb Overseas General senior vice-president, cyber and technology practice leader Tim Stapleton. “We recognise that password security is an important part of cyber risk protection that enhances cyber defences by improving employee behaviour. Dashlane and Chubb are industry leaders, and we’re proud to partner and offer this solution.”
Policyholders in Europe will now benefit from the deal, though the insurer has plans to bring Dashlane’s services to other regions soon.