Some may see it as a sign of concerning times, others may see it as a smart business move, but either way major insurer Chubb has decided to ramp up its terrorism, political violence and war insurance capacity.
Announced earlier today, the firm will increase its capacity to US$150 million/€100 million (up from US$100 million/€100 million) as it experiences increasing demand among multinational clients.
According to a release announcing the move, the increased capacity will be available internationally to both brokers and their clients and has been designed with large, multinational businesses in mind. Chubb has actually increased its terrorism and political violence capacity per account by 300% during the last two years and since 2008 it has been investing in building its capabilities in the area – it now offers standalone cover, as well as an integrated proposition to cover the gaps between traditional property and business interruption.
“The increase in capacity to US$150 million demonstrates our commitment to responding to growing client demand for certainty and comprehensive cover across the full range of perils,” said Piers Gregory (pictured), terrorism and political violence underwriting manager at Chubb. “As the needs of our clients become increasingly international, Chubb is one of the few insurers with the multinational capability to help them design the compliant global insurance programmes that they need in an ever more globalised operating environment.”
Related stories:
New head of casualty claims at Chubb
Chubb names new regional cyber risk manager
