Chubb’s general insurance 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 small to medium enterprises. Chubb 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 for the year ending 31 December 2022 is shown below. The Actual Solvency Capital as at 31 December 2022 exceeds the minimum requirements by $32,500,000.
|31 December 2022|
|Non-life($000)||Life($000)||Total Entity ($000)|
|Actual Solvency Capital||69,462||50||69,512|
|Minimum Solvency Capital||36,999||13||37,012|
|Solvency Margin Excess||32,463||37||32,500|
|Solvency Coverage Multiple||1.88x||3.88x||1.88x|
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 code and information about the Code is available at www.icnz.org.nz and on request.