Chubb Releases Liability Limit Benchmark & Large Loss Profile Report 2022
Chubb has released its 2022 Liability Limit Benchmark & Large Loss Profile report, assessing risks and trends across ten industry sectors including manufacturing and healthcare. Major contributing factors to increasing large losses include economic inflation, litigation, extreme weather, and the ongoing pandemic. The report indicates that while large losses are rising, many companies' insurance limits remain flat or decreasing. This highlights the urgency for risk management professionals to reassess coverage to mitigate future financial impacts.
- The report provides essential data for brokers and risk managers to evaluate insurance limits.
- It emphasizes the need for proactive management of insurance coverage amidst evolving risk landscapes.
- Large losses are significantly increasing while company insurance limits are often flat or diminishing.
- The report indicates potential gaps in insurance coverage for businesses due to inadequate limits.
The annual report allows risk management professionals to assess liability limits and evolving exposures by industry sector
WHITEHOUSE STATION, N.J., April 11, 2022 /PRNewswire/ -- Chubb has launched its Liability Limit Benchmark & Large Loss Profile 2022 report, highlighting how risks and loss cost trends have evolved over the past decade. Chubb's 14th annual report focuses on ten industry sectors including manufacturing, oil and gas, utilities, chemical, life sciences, real estate and hospitality, transportation, consumer products, healthcare, and construction.
As the report details, a confluence of factors is contributing to increasingly frequent and severe large losses felt across business sectors. The impacts of social and economic inflation, the litigious environment, extreme weather events, and the global pandemic are among the forces continuing to pose major challenges for business leaders and risk managers.
"Risk is only becoming more complex, and the financial consequences of inadequate protection are becoming more severe in tandem," said Joseph Fobert, Executive Vice President, Excess Casualty, Chubb Major Accounts. "As exposures continue to heighten and emerge, it's critical for risk management professionals to ensure the businesses they serve are not subject to potential gaps in insurance coverage."
Brokers and risk managers can leverage the data and insights within the report to evaluate their organizations' insurance limits in the context of liability challenges continuing to face the industry.
"The report highlights how large losses are dramatically increasing, while company insurance limits are often flat or diminishing. With an ever-evolving risk landscape, it remains critical for companies to manage their insurance policy limits carefully and talk to their broker and carriers to understand all options available to effectively manage their organization's exposures," added Mr. Fobert.
Download the 2022 edition of Chubb's Liability Limit Benchmark & Large Loss Profile report 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
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