Property and casualty insurance company Chubb announced today the launch of a new global climate business unit, focused on providing insurance products and services to businesses engaged in developing or employing new technologies and processes that help reduce the dependence on carbon.
The new business will also provide risk management and resiliency services to help those managing the impact of climate change.
Chubb Chairman and CEO Evan Greenberg, said:
“After many months of thoughtful deliberation, today we are announcing an expanded commitment to support the transition toward net zero in response to rising climate challenges. In the coming months, expect to see additional capabilities from Chubb to support our customers across all industries as they seek to become more carbon neutral and resilient from the threat of a changing climate.”
The new unit will provide services supporting the growth of alternative and renewable energy companies, and traditional energy companies that are transitioning to cleaner energy alternatives, risk solutions for climate tech businesses, extreme risk management insurance solutions for agricultural customers, identifying and mitigating businesses’ climate-related exposures, flood coverage, and environmental insurance solutions.
The new unit will provide risk management and resiliency services supporting the growth of alternative and renewable energy companies, and traditional energy companies that are transitioning to cleaner energy alternatives, climate tech businesses, as well as services helping to identify and mitigate climate-related exposures, in addition to extreme weather insurance solutions for agricultural customers, flood coverage, and environmental insurance solutions.
According to Chubb, the businesses generated more than $675 million in premium revenue for the company in 2022.
The new Global Climate Business Unit will be co-led by Matthew McMullin who was named North America Leader of the Chubb Global Climate Practice, and Matthew Hardy, who was named Chubb Overseas General (COG) Leader, representing all markets outside the U.S., Canada and Bermuda.
“Our local presence in 54 countries and territories allows us to be on the leading edge of new technology developments, including AgriTech in Latin America, electric vehicles in Europe and manufacturing in Asia, as each area is contributing to the global net zero goal and innovating in different ways.”
“The new business will see expanded appetite and additional tailored insurance products and related services to further assist the transition from hydrocarbon-based fuels to environmentally friendly and renewable natural resources.”