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.