Sustainable Development

As a global insurer, we have long played a vital role in promoting sustainable development as well as environmentally responsible design and building practices, and by helping companies identify and mitigate the risks associated with economic development and commerce.

From underwriting and product development through the claims process, Chubb professionals incorporate sustainability considerations into their daily operations. Our Chubb Environmental Solutions group, for instance, combines underwriting and loss control specialists who assess and insure potential environmental damage, and who help clients mitigate and transfer risk so projects can obtain financing.

And since the early 1980s, our Energy Resources Group has focused on alternative energy technologies including wind turbines, solar, ethanol and other emerging segments.

In general terms, the existence of insurance sustains a broad array of economic activities, including construction, commercial financing, real estate development and commercial leasing, shipping, transportation and global commerce.

Beyond risk transfer, the insurance industry has a long history of risk identification, prevention and reduction:

• Insurance companies operated the first fire brigades, and helped improve and standardize fire protection services now provided through local governments. Insurance companies created the National Fire Protection Association (NFPA) in 1896, and NFPA remains the world’s leading advocate of fire protection and public safety. Insurance carriers also identified a need for municipal building codes in the 1880s, and continue to support strong codes today.
• Over 100 years ago, insurers helped start the Underwriters Laboratories for consumer product safety certification. The UL continues to independently test and certify products.

With a core competency in risk management, insurers are uniquely positioned to support sustainable development. In addition to quantifying the economic cost of risk, we can also provide advice on loss control measures that can help mitigate potential losses.

Chubb generally supports efforts by the insurance industry and other organizations to address macro-societal concerns. At the same time, we recognize that as an international company in an increasingly global world, we may have a role to play in contributing to a more sustainable environment.