The product focuses on industry-specific risks, with initial coverage aimed at the manufacturing and real estate sectors.
Benchmarq targets businesses with annual revenue or declared values of up to $50 million.
The product combines commercial property and broadform liability insurance while addressing risks unique to each industry.
Policyholders can also customise coverage to adapt to changing needs.
This new insurance offering comes as the commercial property insurance market in Australia faces growing challenges as businesses contend with inflation, increased claims, and constrained coverage capacity. These factors are contributing to gaps in coverage, leaving some businesses exposed to significant financial risks.
Inflation has driven up the value of properties and assets across Australia, often outpacing existing insurance limits, according to Gallagher. Rising rebuilding costs, particularly for materials like timber and steel, have further amplified this issue, leaving many policies insufficient to cover potential losses.
Frequent claims from extreme weather events have put pressure on the insurance and reinsurance markets, Gallagher noted. Insurers have tightened underwriting standards and reduced capacity for high-risk properties, making it harder for some businesses to obtain the necessary levels of coverage.
To adapt to these conditions, some businesses have sought coverage from multiple insurers, creating more complex arrangements with higher administrative costs.
Chubb plans to extend Benchmarq to additional sectors in the coming months.
Hayden Baker, head of property and casualty for Chubb in Australia and New Zealand, described Benchmarq as a flexible option for businesses navigating evolving risks.
“Its streamlined processes, faster quoting, and comprehensive coverage provide brokers and clients with the tools they need to take advantage of growth opportunities as they arise,” he said.
Ben Howell, Chubb’s country president for Australia and New Zealand, said the product aligns with Chubb’s broader strategy of creating sector-specific insurance products.
“Backed by Chubb’s deep underwriting expertise and global capabilities, the launch of Benchmarq aligns with our goal to deliver innovative, sector-specific solutions,” he said.
He added that the new offering fills market gaps while enabling businesses to remain competitive in an increasingly complex risk environment.
Benchmarq will be distributed exclusively through brokers.
