However, the company also suffered a rise in its property and casualty (P&C) combined ratio to 86.3% due to catastrophe losses of $458 million. Natural hazards in Australia and New Zealand, including record floods and Cyclone Gabrielle in the North Island, contributed to almost a quarter of this figure, amounting to $110 million.
The remaining losses were due to severe weather events in the US, such as winter storms.
Chubb’s underwriting income rose by 7%
Despite these losses, Chubb’s P&C current accident year underwriting income for January-March rose 7% to $1.48 billion, thanks to double-digit premium revenue growth worldwide. The company achieved a record combined ratio of 83.4%, excluding catastrophe losses. Moreover, Chubb’s life insurance segment income more than doubled, driven by the company’s Asia life operations.
“We had an excellent quarter and have had a strong start to the year with a lot of momentum heading into the second quarter. The fundamentals for our business are excellent. Our P&C underwriting performance was simply excellent in what was an active quarter for natural catastrophes. I expect the pattern to continue.”
Evan Greenberg, CEO of Chubb
Chubb’s Chairman and CEO, Evan Greenberg, expressed his enthusiasm for Asia, stating that it has the greatest growth potential economically of any region in the world over the next two decades.
Asia has ‘massive potential’ says Chubb CEO
He recently visited Korea and plans to present Chubb’s third-quarter earnings from Singapore, where he plans to spend almost two months later this year. Greenberg sees Asia as a $10 billion region with massive potential, adding that Australia is part of Asia to Chubb.
Greenberg said Chubb had a strong start to the year, with broad-based double-digit premium revenue growth globally, net investment income up more than 30%, and a record quarter in life insurance segment income.
“We had an excellent quarter and have had a strong start to the year with a lot of momentum heading into the second quarter. The fundamentals for our business are excellent. Our P&C underwriting performance was simply excellent in what was an active quarter for natural catastrophes. I expect the pattern to continue.”
He added that the company had excellent P&C underwriting performance despite the active quarter for natural catastrophes. Net written premiums rose 17%, with P&C net premiums written up 9%, commercial lines up 12%, and consumer/personal lines up 9%. North America was up 11%, and Asia was up 19%.
Chubb’s leadership position in the US marketplace
Chubb has a strong presence in the United States, Asia, and Europe, and operates through a network of subsidiaries, branches, and affiliates in more than 50 countries. The company’s offerings include traditional and specialty coverage for property and casualty risks, such as commercial and personal auto, homeowners, marine, aviation, energy, and cyber liability insurance.
The company also offers customised risk management and loss control services to help clients manage their exposures and minimise their losses. In addition, the company has a life insurance division that provides wealth management and retirement solutions, and a global reinsurance operation that provides coverage to other insurance companies.
With a strong focus on underwriting profitability, Chubb has a reputation for providing high-quality insurance products and services to its clients. The company has received numerous awards and recognition for its financial strength, customer service, and corporate responsibility initiatives.
According to reports, Chubb’s mission is to help individuals and businesses manage risk and recover from losses through innovative insurance solutions and superior service. The company is committed to delivering value to its stakeholders while operating with integrity, accountability, and respect for the communities in which it operates.
