Chubb says it is well placed to expand its global share of the growing but fragmented property and casualty (P&C) market.

The market is projected to grow from $US2 trillion ($2.69 trillion) to $US3.7 trillion ($4.97 trillion) by 2025, the US-based insurer told an investor meeting last week.

There is no dominant insurer, with the top 10 players’ combined share about 20% – essentially unchanged from five years ago.

Chubb believes its global network and successful integration with Zurich-based Ace will drive its global ambitions.

“Chubb is positioned to capitalise on growth,” the insurer told investors, and there is “plenty of room to grow… given local presence, deep underwriting culture and product and distribution capabilities”.

The insurer is on a roll following completion of the merger with Ace in January.

Net income for the nine months to September 30 grew to $US2.53 billion ($3.39 billion) from $US2.15 billion ($2.88 billion) in the corresponding period last year.