Chubb takes $US1 billion hit
The Chubb Corporation has taken a $US1 billion ($1.5 billion) hit in annual global net profit which has tumbled from $US2.8 billion ($4.3 billion) in 2007 to $US1.8 billion ($2.7 billion).
Catastrophe activity had a clear impact on the insurer, contributing five percentage points to the combined ratio which deteriorated from 82.9% to 88.7%.
Despite the subdued result, Chubb Australia MD Mark Lingafelter says local business continues to grow through an uneven market.
“Australian insureds are increasingly concerned about the integrity of their insurer’s balance sheet, and that plays right to Chubb’s strength,” he said. “Our ratings and strong reputation for paying claims position us well.”
Catastrophe activity had a clear impact on the insurer, contributing five percentage points to the combined ratio which deteriorated from 82.9% to 88.7%.
Despite the subdued result, Chubb Australia MD Mark Lingafelter says local business continues to grow through an uneven market.
“Australian insureds are increasingly concerned about the integrity of their insurer’s balance sheet, and that plays right to Chubb’s strength,” he said. “Our ratings and strong reputation for paying claims position us well.”