International property and casualty insurer Chubb has announced plans to increase its capacity from $100 million to $150 million to boost its coverage capabilities for terrorism, political violence and war insurance.
The insurer said the move comes in response to evolving threats and increased demand from multinational clients and was made to ensure the firm meets the needs of large global businesses with growing exposures.
Terrorism and Political Violence Underwriting Manager, Overseas General Insurance at Chubb, Piers Gregory, commented; “The increase in capacity to US$150m demonstrates our commitment to responding to growing client demand for certainty and comprehensive cover across the full range of perils.
“As the needs of our clients become increasingly international, Chubb is one of the few insurers with the multinational capability to help them design the compliant global insurance programmes that they need in an ever more globalised operating environment.”
Chubb’s terrorism and political violence capacity has grown by 300% in the last two years; since 2008 the firm’s seen steady investment into this line of risk cover.
The insurer offers both standalone cover and integrated solutions to cover gaps between traditional property and business interruption, terrorism and political violence insurance policies.