It looks like the hard market is rewarding more than one global insurer, with US insurer Chubb announcing a rise in net quarterly income of about $397 million compared to only $277 million last year. And share prices have risen to $2.27 a share, blowing last year’s $1.57 out of the water.

CEO Dean O’Hare said that following the woes caused by September 11, the general insurance net premiums written in the second quarter of this year increased by 29% to around $3.97 billion. 

Mr O’Hare said the market is showing a move back to quality, as businesses switch to insurers who the have the financial strength to pay claims. He said people are also looking for insurers “who have a reputation for paying rather than denying claims, the ability to help customers reduce insurance costs through loss control services and a global presence to serve them wherever they do business”.