Efforts in corporate social responsibility by Chubb for the betterment of society and Chubb employees in the long run
Chubb’s operation in New Zealand (Chubb Insurance New Zealand Limited) offers Property & Casualty, Group Personal Accident and Business Travel Insurance products through brokers. It leverages global expertise and local acumen to tailor solutions to mitigate risks for clients ranging from large multinational companies to local SMEs. Chubb in New Zealand also provides personal insurance solutions such as Masterpiece, a unique policy for people who own prestigious homes and valuable possessions.
Chubb Insurance New Zealand Limited (Company No. 104656 / Financial Services Provider No. 35924).
Chubb Insurance New Zealand Limited’s Solvency Information, as set out in our most recent full-year solvency return filed with the Reserve Bank of New Zealand for 31 December 2018, is shown below. The Actual Solvency Capital as at 31 December 2018 exceeds the minimum requirements by $23,278,000.
|31 December 2018|
|Non-life($000)||Life($000)||Total Entity ($000)|
|Actual Solvency Capital||47,970||50||48,020|
|Minimum Solvency Capital||24,726||16||24,742|
|Solvency Margin Excess||23,244||34||23,278|
|Solvency Coverage Multiple||1.94x||3.09x||1.94x|
The methodology and basis for determining the Solvency Margin are in accordance with the requirements of the Solvency Standards for Non-life and Life Insurance Business as published by the Reserve Bank of New Zealand. The Life business is in run-off and not material to the company's overall operation.
Chubb Insurance New Zealand Limited has an “AA-” insurer financial strength rating given by S&P Global Ratings.
The rating scale is:
|AAA - Extremely Strong|
|AA - Very Strong|
|A - Strong|
|BBB - Good|
|BB - Marginal|
|B - Weak|
|CCC - Very Weak|
|CC - Extremely Weak|
|SD or D – selective default or default|
|R - Regulatory Action|
|NR – Not Rated|
Plus (+) or minus (-): the rating from ‘AA’ to ‘CCC’ may be modified by the addition of a plus or minus sign to show relative standings within the major rating categories.
A full description of the rating scale is available on S&P Global Ratings website.
We are a signatory to the Fair Insurance Code (the Code). The objectives of the Code are to establish high standards of service, promote confidence in the general insurance industry and improve relationships between insurers and their customers. Further information about the Code is available at www.icnz.org.nz and on request.