The following ESL rates are currently effective for Chubb accounts:
- 25% for Commercial effective 1 January 2022 (previously 35%)
- 10% for SME/Strata effective 1 January 2022 (previously 35%)
- 10% for Homeowners effective 1 January 2022 (previously 20%)
- 1% for Motor Vehicle effective 1 August 2019 (unchanged)
The rate for Business Pack has been reduced from 35% to 10%, effective in the following platforms as follows:
- Sunrise – New Business transacted from 3 February 2022 and Renewals effective 1 March 2022.
- SCTP – New Business transacted from 4 February 2022, Renewals effective 22 March 2022.
The ESL rate has been calculated at a rate sufficient to meet Chubb’s contribution requirements and may be reviewed from time to time.
Premiums are regularly reviewed and take into account risk factors such as location, construction and claims history. In addition, our premiums take into account business expenses, including operating and reinsurance costs. Any changes to our premiums are independent of changes to the ESL.