Climate Change and Insurance
Like many organizations, Chubb monitors changing weather patterns and their potential affect on the frequency and severity
of natural catastrophes including hurricanes, hail, fire, tornadoes, snowfall, mudslides and floods.
We’re also evaluating shifts in demographic and societal patterns — such as migration to shore communities — that increase
exposure to climate-related risk.
As experts on risk, insurers can play an important role in encouraging policymakers to deal with climate change proactively
at the local, state, national and global level.
Each of the Corporation’s insurance business units has an emerging risks group which identifies and monitors new and potential
hazards, from both a property and liability perspective. As the respective business units identify emerging risks, the Corporation
assesses their potential business impact and develops new products and services to remove or mitigate these risks. These new
offerings can be in the form of new products for existing clients, entry into new industry segments, new loss control services,
new appraisal capabilities or new claims services.
We also offer premium credits in a number of catastrophe-prone jurisdictions to homeowners who install mitigation devices
or choose storm-resistant construction techniques. For example, Chubb was a leader in requiring window shutters in Florida
to better protect homes during severe storms.
From a business insurance perspective, Chubb has a team of underwriting, loss control and claims specialists focused on green
products and services. Chubb’s Customarq Classic policy, for instance, helps restore a green building to its original condition after a covered loss and insures covered property
on a replacement cost basis. This may include green features such as vegetative roofs, Energy Star equipment, solar panels,
translucent shades, geothermal system other items certified as green.