Reinsurance News

Chubb says no layoffs during COVID-19, makes pandemic relief commitment

6th April 2020 - Author: Luke Gallin

Global insurer and reinsurer Chubb has announced that it will not layoff any of its employees during the ongoing COVID-19 (coronavirus) pandemic.

ChubbAt the same time, the re/insurer has revealed a commitment of $10 million to pandemic relief efforts globally.

As countries around the world continue efforts to stop the spread of the novel COVID-19 coronavirus pandemic, many individuals and businesses have gone remote as social distancing measures and efforts limit movements.

For some, it’s business as usual and many companies are continuing to operate without any material differences. But for others it’s not so simple and the closure of businesses in many instances has resulted in mass job losses and increasing levels of unemployment.

In light of the challenges and uncertainty, Chubb has told its employees that while in the midst of the pandemic, it will not conduct any layoffs.

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Commenting on this, the company’s Chairman and Chief Executive Officer (CEO), Evan Greenberg, said: “Concerning our no-layoff pledge, we want our 33,000 employees around the globe to be assured that their jobs are secure at this difficult time. Given all of the uncertainty that exists in the world, employment and benefits are one thing my colleagues will not have to be concerned about at this time.”

The $10 million pandemic relief commitment, which is to be made by the Chubb Charitable Foundation, will target people and programs providing emergency frontline services, and will also go towards assisting the most financially vulnerable members of the community who have been hit the hardest by COVID-19.

The re/insurer will work with partners in the U.S. and abroad to offer essential resources immediately in regions that need it the most. Chubb explains that this includes companies supplying emergency medical equipment and supplies to healthcare facilities, and to community foodbanks.

“We are committed to supporting people, business and communities most impacted by this global crisis. Our $10 million commitment will add to the urgent efforts required to meet the immediate health and nutrition needs of those most affected,” said Greenberg.

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