Newswires
<img src="https://icrowdnewswire.com/wp-content/uploads/2020/11/4000-logo.png" width="233" height="24" /><p> Chubb has issued a new whitepaper, <strong>“</strong>Why Commercial Property Insurance Prices are Higher, And What Can Be Done About It,” which explores the pricing pressures associated with the current state of commercial property underwriting.  In addition to explaining the range of complexities having an impact on the current state of underwriting, the paper outlines a number of key considerations and steps industry stakeholders can take to address challenging market conditions moving forward.</p>
<p>The whitepaper, which was developed as a collaboration between Chubb’s retail business and its wholesale excess and surplus lines division, Westchester, focuses on the convergence of three specific factors currently affecting the underwriting and pricing of commercial property exposures, including unpredictable weather events and climate change, an historic supply chain crisis, and inflation. The paper also highlights some of the difficulties around risk modeling, determining property replacement costs, and developing proper valuations of insureds’ assets.</p>
<p>“Agents and brokers are receiving numerous questions from their commercial risk managers and customers about the state of the property insurance industry, what is impacting cost of coverage, and guidance on ways to navigate challenging market conditions,” said <span class="xn-person"><person>Derek Talbott</person></span>, Senior Vice President, <span class="xn-person"><org value="Berne:AEX" idsrc="xmltag.org" >Chubb Group</org></span> and Division President, North America Property and Specialty. “Chubb’s new whitepaper is designed to help them explain those issues and have more meaningful conversations about the right insurance and risk management solutions available to help policyholders in the current environment.”</p>
<p>“The insurance industry benefits from having a long history of dealing successfully with a variety of property exposures,” added <span class="xn-person"><person>Scott A. Meyer</person></span>, Senior Vice President, <org value="Berne:AEX" idsrc="xmltag.org" >Chubb Group</org> and Division President of Westchester. “While the confluence of the three risk factors described in this paper presents unique challenges, our industry is well positioned to handle them effectively and in a holistic manner. Thus, the time is now for a modernized and better-informed approach to successfully manage these issues for the benefit of all parties involved, including agents and brokers.”</p>
<p>Some of the key considerations outlined in Chubb’s new whitepaper include:</p>
<ul>
<li>With projections of a future bringing more frequent nonconforming catastrophic weather events and related insured losses, it is best to take a cautious approach to risk management--helping policyholders take actions like improving the insulation of buildings and pipes, retrofitting storm drainage systems, and providing premium incentives to buy electrical generators for unexpected electrical outages.</li>
<li>In anticipation of the possibility of a supply and labor crunch in the aftermath of a disaster, risk managers and property owners need to consider the value of engaging with building contractors to ensure the availability of construction materials and services in the event of a natural disaster that damages many properties in a region.</li>
<li>The need for industry stakeholders to examine challenges in greater depth and detail, as well as their respective roles in developing more accurate and near-real-time data on building conditions, local drainage systems, real estate and housing development trends, access to available construction materials and local construction personnel, and other loss exposure information.</li>
<li>To assure more comprehensive underwriting of a building’s replacement value, more frequent and in-depth property damage risk appraisals from qualified sources are needed.</li>
</ul>
<p><strong>About Westchester<br class="dnr" /></strong>Westchester is one of the largest and most diverse excess and surplus lines commercial property and casualty insurance underwriters in <span class="xn-location"><location value="LC/us" idsrc="xmltag.org" >the United States</location></span>. Focused on the wholesale distribution channel, Westchester provides innovative specialty products for property, specialty casualty, environmental, professional risk, inland marine, product recall, small business, binding and programs. The business is further distinguished by exceptional financial strength, underwriting excellence and superior claims handling expertise. Westchester is a Chubb company. Additional information on Westchester can be found at <a href="http://www.westchester.com">www.westchester.com</a>.</p>
<p><strong>About Chubb<br class="dnr" /></strong>Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, 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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company <org value="NYSE:CB" idsrc="xmltag.org" >Chubb Limited</org> is listed on the <org>New York Stock Exchange</org> and is a component of the S&P 500 index. Chubb maintains executive offices in <span class="xn-location"><location value="LU/ch..zurich" idsrc="xmltag.org" >Zurich</location></span>, <span class="xn-location"><location value="LU/us.ny.nyc" idsrc="xmltag.org" >New York</location></span>, <span class="xn-location"><location value="LU/gb.eng.london" idsrc="xmltag.org" >London</location></span>, <span class="xn-location"><location value="LU/fr..paris" idsrc="xmltag.org" >Paris</location></span> and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: <a href="http://www.chubb.com">www.chubb.com</a></p>
<p class="tags">
<div><strong>See Campaign: </strong><a href="http://www.chubb.com" target="_blank"><a href="http://www.chubb.com">http://www.chubb.com</a></a><br/><b>Contact Information:</b><br/><a href="http://www.chubb.com">www.chubb.com</a><br/><br/><br/><br/></div>
Chubb Whitepaper Explores Factors Impacting Commercial Property Insurance Pricing
<p>The whitepaper, which was developed as a collaboration between Chubb’s retail business and its wholesale excess and surplus lines division, Westchester, focuses on the convergence of three specific factors currently affecting the underwriting and pricing of commercial property exposures, including unpredictable weather events and climate change, an historic supply chain crisis, and inflation. The paper also highlights some of the difficulties around risk modeling, determining property replacement costs, and developing proper valuations of insureds’ assets.</p>
<p>“Agents and brokers are receiving numerous questions from their commercial risk managers and customers about the state of the property insurance industry, what is impacting cost of coverage, and guidance on ways to navigate challenging market conditions,” said <span class="xn-person"><person>Derek Talbott</person></span>, Senior Vice President, <span class="xn-person"><org value="Berne:AEX" idsrc="xmltag.org" >Chubb Group</org></span> and Division President, North America Property and Specialty. “Chubb’s new whitepaper is designed to help them explain those issues and have more meaningful conversations about the right insurance and risk management solutions available to help policyholders in the current environment.”</p>
<p>“The insurance industry benefits from having a long history of dealing successfully with a variety of property exposures,” added <span class="xn-person"><person>Scott A. Meyer</person></span>, Senior Vice President, <org value="Berne:AEX" idsrc="xmltag.org" >Chubb Group</org> and Division President of Westchester. “While the confluence of the three risk factors described in this paper presents unique challenges, our industry is well positioned to handle them effectively and in a holistic manner. Thus, the time is now for a modernized and better-informed approach to successfully manage these issues for the benefit of all parties involved, including agents and brokers.”</p>
<p>Some of the key considerations outlined in Chubb’s new whitepaper include:</p>
<ul>
<li>With projections of a future bringing more frequent nonconforming catastrophic weather events and related insured losses, it is best to take a cautious approach to risk management--helping policyholders take actions like improving the insulation of buildings and pipes, retrofitting storm drainage systems, and providing premium incentives to buy electrical generators for unexpected electrical outages.</li>
<li>In anticipation of the possibility of a supply and labor crunch in the aftermath of a disaster, risk managers and property owners need to consider the value of engaging with building contractors to ensure the availability of construction materials and services in the event of a natural disaster that damages many properties in a region.</li>
<li>The need for industry stakeholders to examine challenges in greater depth and detail, as well as their respective roles in developing more accurate and near-real-time data on building conditions, local drainage systems, real estate and housing development trends, access to available construction materials and local construction personnel, and other loss exposure information.</li>
<li>To assure more comprehensive underwriting of a building’s replacement value, more frequent and in-depth property damage risk appraisals from qualified sources are needed.</li>
</ul>
<p><strong>About Westchester<br class="dnr" /></strong>Westchester is one of the largest and most diverse excess and surplus lines commercial property and casualty insurance underwriters in <span class="xn-location"><location value="LC/us" idsrc="xmltag.org" >the United States</location></span>. Focused on the wholesale distribution channel, Westchester provides innovative specialty products for property, specialty casualty, environmental, professional risk, inland marine, product recall, small business, binding and programs. The business is further distinguished by exceptional financial strength, underwriting excellence and superior claims handling expertise. Westchester is a Chubb company. Additional information on Westchester can be found at <a href="http://www.westchester.com">www.westchester.com</a>.</p>
<p><strong>About Chubb<br class="dnr" /></strong>Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, 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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company <org value="NYSE:CB" idsrc="xmltag.org" >Chubb Limited</org> is listed on the <org>New York Stock Exchange</org> and is a component of the S&P 500 index. Chubb maintains executive offices in <span class="xn-location"><location value="LU/ch..zurich" idsrc="xmltag.org" >Zurich</location></span>, <span class="xn-location"><location value="LU/us.ny.nyc" idsrc="xmltag.org" >New York</location></span>, <span class="xn-location"><location value="LU/gb.eng.london" idsrc="xmltag.org" >London</location></span>, <span class="xn-location"><location value="LU/fr..paris" idsrc="xmltag.org" >Paris</location></span> and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: <a href="http://www.chubb.com">www.chubb.com</a></p>
<p class="tags">
<div><strong>See Campaign: </strong><a href="http://www.chubb.com" target="_blank"><a href="http://www.chubb.com">http://www.chubb.com</a></a><br/><b>Contact Information:</b><br/><a href="http://www.chubb.com">www.chubb.com</a><br/><br/><br/><br/></div>
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