Chubb Launches Marine Capabilities in China

Chubb, the world’s largest publicly traded property and casualty insurance company, announced the launch of its marine service capabilities in China, which include a broad range of specialized and customized insurance solutions to meet the needs of importers, exporters and transport operators.

The new marine service capabilities were introduced to the local insurance community, including marine brokers and industry practitioners, at seminars in Shanghai and Beijing hosted by several members of Chubb management in China.

Chubb’s extensive marine service capabilities include:

  • Project cargo and consequential loss insurance for engineering project freight movements of oversize, fragile or difficult to handle equipment;
  • Multimodal freight liability, which provides customized protection for crossborder logistics companies;
  • Enhanced annual cargo insurance product for domestic and international shippers;
  • A risk management product that targets marine accounts with higher loss frequency based on a risk sharing structure between the shipper and insurer;
  • CargoAdvantage™, a user-friendly web-based facility to quote and issue marine insurance certificates to exporting and trading customers;
  • Fine art and valuable goods insurance supported by dedicated fine art and specie underwriting and risk management teams;
  • Shipment insurance for higher volume and lower value deliveries.

Andrew Williamson, Head of Marine for Chubb Overseas General, the company’s international general insurance operations, said, “In today’s global commerce environment, China’s trading and shipping industry is demanding specialized and customized marine insurance solutions. Exporters and importers require broad protection and global risk management support. At the same time, multimodal transport operators need web-based cargo insurance, as well as special arrangements for nominated contracts or increased indemnities, to offer shippers full value protection. Our China team can now offer a comprehensive multimodal freight liability product plus web-based and tailored solutions for cargo insurance.”

According to Song Wei, Chubb’s Head of Marine for China, “As one of the largest cargo insurance and marine hull insurance markets in the world, China plays an increasingly important role in the global marine insurance market. With continued growth of overseas investment by Chinese enterprises and the government’s ‘One Belt, One Road’ initiative, there is strong potential for growth for marine insurance locally. With Chubb’s deep underwriting experience in marine insurance coupled with local market expertise, we can provide bespoke insurance solutions and risk management services to clients who want a partner they can trust.”

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.

In 1994, Chubb set up its first representative office in China. A branch company was subsequently established in 2000 in Shanghai, which was converted to a wholly owned subsidiary upon the approval of the China Insurance Regulatory Commission.

The company currently has three operations in Shanghai, Jiangsu and Guangdong provinces, with plans to commence operations in other regions in the near future. – BusinessNewsAsia.com