The annual report allows risk management professionals to assess the limits of liability and the evolution of exposures by sector of activity
WHITEHOUSE STATION, NJ, April 11, 2022 /PRNewswire/ — Chubb launched its Liability Limit Benchmark & Large Loss Profile 2022 report, highlighting how risk and claims cost trends have evolved over the past decade. Chubb’s 14and The annual report focuses on ten industry sectors, including manufacturing, oil and gas, utilities, chemicals, life sciences, real estate and hospitality, transportation, consumer products, health care and construction.
As the report details, a confluence of factors is contributing to the increasingly frequent and severe significant losses felt across all industries. The impacts of social and economic inflation, the litigious environment, extreme weather events and the global pandemic are among the forces that continue to pose major challenges to business leaders and risk managers.
“The risk only becomes more complex and the financial consequences of inadequate protection become more severe in tandem,” said Joseph Fobert, Executive Vice President, Excess Liability, Chubb Large Accounts. “As exposures continue to increase and emerge, it is essential that risk management professionals ensure that the companies they serve are not subject to potential gaps in insurance coverage. “
Brokers and risk managers can leverage the data and information in the report to assess their organization’s insurance limits in the context of the liability challenges the industry continues to face.
“The report highlights how large losses are increasing dramatically, while business insurance limits are often stable or decreasing. With an ever-changing risk landscape, it remains essential for businesses to carefully manage the limits of their insurance policies and talk to their broker and insurers to understand all of the options available to effectively manage their organization’s exposures,” added Mr. Fobert.
Download the 2022 edition of Chubb’s Liability Limit Benchmark & Large Loss Profile report here.
Chubb is the largest publicly traded property and casualty insurance company in the world. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, supplementary accident and health insurance, reinsurance and life insurance to a diverse group of customers. As an underwriting firm, we assess, assume and manage risk with insight and discipline. We process and pay our claims fairly and promptly. The company is also defined by its broad product and service offerings, extensive distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a constituent of the S&P 500 Index. Chubb has executive offices in Zürich, New York, London, Paris and other sites, and employs approximately 31,000 people worldwide. Additional information is available at: www.chubb.com.
Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and offers its products and services through licensed insurance brokers across Canada. For more information, visit: chubb.com/ca.