Chubb
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Property BI claims appear well below treaty reinsurance triggers. -
Evan Greenberg compared pandemic exposure to terrorism risk before 9/11.
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The carrier included just $13mn in Covid-19 losses as the event will be tracked as an ongoing catastrophe.
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Greenberg defended the insurance sector and said it would be “unconstitutional” to retroactively rewrite contracts.
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Chubb CEO says forced payouts would bankrupt insurers, while Allianz chief expects prolonged economic recovery.
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Evan Greenberg is the only (re)insurance industry representative on the list of 200 executives who will advise on ending lockdowns.
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Chubb’s combined ratio improved by 0.7 percentage points to 90.2 percent.
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Reinsurers are taking modest rate increases largely by “riding on the backs of primary writers”, Chubb CEO Evan Greenberg said recently.
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Juan Andrade starts at the company in September as COO and will take the top position in January.
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The insurer’s second-quarter pre-tax catastrophe losses increased to $275mn, compared with $211mn last year.
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The insurer reported pre-tax catastrophe losses of $250mn for the first quarter of the year.
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The biggest hit to the insurer were US winter-related storms, at $191mn.
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