Chubb Introduces Next Generation of Crime Insurance to Help Protect Firms Against Theft by Employees and Outside Criminals

Rhea-AI Summary

Chubb has launched its new Chubb Primary Commercial Crime Insurance, designed to assist businesses of all sizes in safeguarding against various criminal activities. This offering addresses modern threats like theft, hacking, and employee dishonesty. Notably, occupational fraud led to losses exceeding $3.6 billion globally, with business email compromises costing $1.7 billion in damages. The coverage includes loss of funds due to unauthorized computer access, fraudulent fund transfers, and investigative expenses related to these crimes.

Positive

• Introduction of the next-generation crime insurance enhances coverage against modern threats.
• Comprehensive protection against theft, hacking, and employee dishonesty.
• Addresses substantial global losses from occupational fraud and cybercrime.

Negative

• None.

WHITEHOUSE STATION, N.J., Feb. 9, 2021 /PRNewswire/ -- Chubb has introduced its next generation of crime insurance offering, The Chubb Primary^SM Commercial Crime Insurance, to help companies of all sizes and industries protect themselves from criminal activity both inside and outside their organizations.

The Association of Certified Examiners in its 2020 Report to the Nations finds that occupational fraud caused organizations to lose more than $3.6 billion globally from 2018-2019. Additionally, the FBI's Internet Crime Complaint Center in its 2019 Internet Crime Report reported it received 23,775 business email compromise complaints, resulting in $1.7 billion in losses.

"Companies need modern coverage for a modern world," said Chris Arehart, Senior Vice President, Crime Insurance Product Manager, Chubb North America Financial Lines. "Companies of all sizes and industries need to counter the sophistication of today's bad actors by having systems that work to reduce losses caused by criminal activities. Chubb's next generation of crime insurance is specifically designed to assist policyholders, as they manage modern exposures, and provides comprehensive coverage to address many internal and external crimes, including theft, computer hacking, social engineering and employee dishonesty."

Chubb's new crime insurance offering provides coverage for:

--Loss of funds and property resulting from unauthorized access into the insured's computer systems, including mobile applications and customer-based web-based portals by hackers
--Loss due to the fraudulent transfer of funds through impersonation of employees, vendors and customers
--Investigative expenses for all insuring clauses, as well as computer investigative expenses for losses caused by hackers and impersonators
--Theft caused by all classes of employees and independent contract workers
--ERISA fraud or dishonesty for employees serving as plan officials of ERISA employee benefit plans

For complete coverage highlights and to learn more about the key features of The Chubb Primary^SM Commercial Crime Insurance, click here. To learn more about commercial crime insurance and social engineering coverage, visit www.chubb.com/us/crime, or contact your Chubb agent or broker.

About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.

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SOURCE Chubb

FAQ

What is the Chubb Primary Commercial Crime Insurance?

It is a new insurance offering from Chubb designed to protect businesses from various criminal activities.

How much did occupational fraud cost globally in 2018-2019?

Occupational fraud caused organizations to lose more than $3.6 billion globally.

What types of coverage does Chubb's crime insurance provide?

It includes coverage for theft, hacking, employee dishonesty, and investigative expenses.

What losses were reported from business email compromises?

Business email compromises resulted in $1.7 billion in losses according to the FBI.

When was the Chubb Primary Commercial Crime Insurance launched?

The insurance was introduced on February 9, 2021.