Chubb

The Chubb Group of Insurance Companies has been delivering property and casualty insurance products and services to businesses and individuals around the world for more than 130 years.

Chubb claims to be the largest publicly traded property and casualty insurance company in the world, the largest commercial insurer in the U.S, and operating in 54 countries and territories. They are a personal lines writer, a leading middle market, small commercial and large industrial commercial insurer and provide a wide range of coverages.

This coverage ranges from personal insurance which includes property, auto, cyber and more, as well as a large number of commercial insurance products covering a wide range of industries from aerospace to wineries. Their products and services are distributed through brokers, independent agents, exclusive agents and various forms of direct marketing. Chubb has over 30,000 employees in over 625 offices worldwide. The firm also offers Chubb Travel Smart. Available only to select policyholders, it uses state-of-art information mining technology to enable quick identification and communication of potential threats based on location or planned destination. It aggregates and filters information from thousands of different sources globally, including news media, government institutions, security and health information databases and social media. Chubb then reviews the information to ensure accuracy before warning the policyholder.

As of the end of their 2018 fiscal year, they have written $38B of gross premiums and declared total revenue of $32.68B, gross profit of $8.11B and a net income of $3.96B. They also declared a total of $167.8B in assets.

On January 14th, 2016, ACE Group acquired Chubb for $28.3B in cash and stock and adopted the Chubb name and rebranded the company.

In March 2018, Chubb revealed its partnership with popular ride-hailing platform, Grab, as part of its strategy to expand further into Southeast Asia. The corporate will offer accident, hospitalisation and other critical insurance cover for drivers and their cars via Grab’s driver app, which currently has over 2.6m drivers. In July 2018, too, they announced a partnership with Insurtech Bunker Technologies to accelerate a new insurance product aimed at the flexible working environment. In November 2018, they announced a partnership with Hartford Steam Boilerto begin installing IoT technology in the homes and businesses of Chubb policyholders. The sensors and devices will monitor for water leaks and changes in temperature, humidity, vibration and water pressure that, if left undetected, can lead to severe property damage.

Chubb also became the first business to deploy an integrated Structured Data Capture (SDC) service from the London Market’s Target Operating Model (TOM). Chubb logoSDC is capable of converting content from documents into electronic, ACORD-approved data. They claim to be investing $1B annually to become a digitally integrated company.

In January 2020, Grab announced it was launching Travel Cover in partnership with Chubb. Travel Cover is an on-demand travel insurance service that can be purchased within the Grab app, enabling users to get cover from S$2.50 a day to any destination.

In June Chubb partnered with GoBear, a financial services platform, to launch 'Work From Home Care' in Singapore. The new white-level insurance bundle offers protection against risks residents face whilst working from home during the pandemic.

Chubb launched MasterPackage for Technology Companies in August 2020, which offers specialist technology underwriters, risk engineers and claims handlers, as well as cyber support, for technology businesses in the UK.

In October Chubb UK launched a new personal cyber insurance product to help protect individuals and their families against data breaches, lost/stolen digital content, online harassment, and cyber extortion.

In February 2021, Chubb launched a new digital brand, Blink, to meet the needs of younger consumers. It will partner with insurtechs and retailers through APIs and white-label offerings, to distribute its products - the first of which is a personal cyber protection, which covers identity theft and cyber extortion, amongst other risks. Life, Sick Pay, Pet, Travel and more products are to come soon.

In March 2021 Chubb proposed a $23bn takeover of The Hartford, which was rejected. The two companies had both grown significantly in the past year (shares of the Hartford have more than doubled over the past year, whereas Chubb shares are up 72% in the same time frame), and Hartford had been eyed as a potential acquisition candidate for awhile, as it would help Chubb expand further in auto, home, and particularly small business and employee benefits.

In December 2021 Chubb partnered with Betterfly to create more offerings in Mexico, Colombia, Ecuador, Chile and Argentina. The two companies are aiming to reach 100m under-served Latin American markets in the next 4 years.

In June 2022 Singaporean startup JA Assure partnered with Chubb to launch a cyber insurance platform for SMEs called Hexsafe. The new offering is already available for customers in Hong Kong, Singapore and Malaysia. The platform offers an instant quote capability and policy issuance capabilities, with the new product underwritten by Chubb and offering pre-loss risk mitigation and incident response services.

The company was a participant in the 2022 InsurTech NY InsurTech Accelerator.

During December 2022 Chubb announced a new Technology Hubb in Greece in 2023. Chubb asserts the Hubb will deliver innovative technologies that enhance customer experience, increase efficiency, and accelerate the company's digital transformation, as well as its operations in the European region which encompasses 27 countries. This is important for the company because it is seeking to expand the capabilities of its technology division and the new centre is close to important European markets.

In early January 2023 Chubb announced the launch of a global climate business unit created to cater for the impact of climate change. The decision to make a new unit was part of Chubb’s efforts to assist the transition from hydrocarbon-based fuels to more sustainable options. The new unit was to provide a full range of insurance products and services to various businesses including those developing or using technologies, that reduce carbon output.

During May 2023 the company announced that its Climate+ global business arm has launched Climate+ Renewables, a new renewable energy projects insurance solution. It was to primarily focus on SME onshore wind and ground-mounted photovoltaic solar projects in the UK, before rolling out to other countries. It offers continuity of insurance across the construction and operational phases of alternative and renewable projects, of up to £50m in contract value.

Chubb reported that their FY 2023 net income and core operating income were $9.03 billion and $9.34 billion, respectively, up 72.1% and 45.2%.