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.
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.