Chubb Releases Annual Liability Limit Benchmark & Large Loss Profile Report

Rhea-AI Summary

Chubb has published its annual Liability Limit Benchmark & Large Loss Profile report, revealing significant trends in liability insurance limits across various sectors. The report analyzes large loss data from the past decade, emphasizing the increasing risks and the uptick in nuclear and super-nuclear verdicts that may necessitate higher liability coverage for businesses. Chubb's insights aim to aid brokers and risk managers in identifying potential coverage gaps, ensuring companies are adequately insured. This report positions Chubb as a vital resource for risk management strategies.

Positive

• Chubb's report highlights an increasing need for businesses to adjust liability coverage due to rising risks.
• The report aids brokers and risk managers in benchmarking their insurance limits against industry peers.

Negative

• The report indicates a significant rise in nuclear and super-nuclear verdicts, increasing liability exposure for companies.

Benchmark report provides meaningful insights and serves as an additional tool to help companies evaluate insurance limits and exposures against industry peers

WHITEHOUSE STATION, N.J., April 14, 2021 /PRNewswire/ -- Chubb has released its annual Liability Limit Benchmark & Large Loss Profile report. The report highlights the frequency and severity of large loss data over the past decade, as well as the liability insurance limits for businesses across several industry sectors, including chemical, construction, consumer products, healthcare, life sciences, manufacturing, oil and gas, rail transportation, road transportation, real estate and hospitality, and utilities.

"Our report provides brokers and risk managers industry data and insights to stay ahead of the curve and to effectively manage risks while identifying and rectifying potential gaps in coverage," said Joseph Fobert, Executive Vice President, Excess Casualty, Chubb Major Accounts. "The data shows the liability challenges facing a variety of industry sectors over the past decade, demonstrating how critical it is for companies to have the proper insurance limits in place."

Risk managers can use the report to benchmark their own limits against their industry peers. For example, based on the data, the report recognizes a rapid uptick in nuclear and super-nuclear verdicts, potentially suggesting a need for businesses to increase their liability coverage. 

Download Chubb's Liability Limit Benchmark & Large Loss Profile Report 2021 here.

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.

Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit: chubb.com/ca.

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SOURCE Chubb

FAQ

What does the Chubb Liability Limit Benchmark report reveal for 2021?

The report highlights significant trends in liability insurance limits, particularly the increasing risks faced by various industry sectors.

When was Chubb's annual Liability Limit Benchmark report released?

The report was released on April 14, 2021.

How can companies use the insights from Chubb's report?

Companies can use the report to benchmark their liability coverage against industry peers and identify potential gaps.

What industries are covered in Chubb's Liability Limit Benchmark report?

The report covers multiple sectors, including chemical, construction, healthcare, oil and gas, and more.

What significant trend does the report mention regarding verdicts?

The report notes a rapid increase in nuclear and super-nuclear verdicts, suggesting a need for higher liability insurance.