Bushfires and litigation affect Chubb profits
The Victorian bushfires and an increase in litigation in financial lines are likely to take their toll on the underwriting profit of Chubb Insurance in Australia in the second quarter.
While the local arm hasn’t yet revealed its second-quarter results, US-based Chubb Corporation has posted a second-quarter net income of $US551 million ($677 million), compared to $US469 million ($576 million) in the second quarter of last year.
Chubb Australia MD Mark Lingafelter says despite a challenging market environment, the insurer remains upbeat about the prospects for its local business.
He says the company has done well in retaining clients and obtaining new business. “Chubb is grateful for the support of our broker network,” he said.
While the local arm hasn’t yet revealed its second-quarter results, US-based Chubb Corporation has posted a second-quarter net income of $US551 million ($677 million), compared to $US469 million ($576 million) in the second quarter of last year.
Chubb Australia MD Mark Lingafelter says despite a challenging market environment, the insurer remains upbeat about the prospects for its local business.
He says the company has done well in retaining clients and obtaining new business. “Chubb is grateful for the support of our broker network,” he said.