Zurich-based firm expands marine insurance business to PH

Chubb, world's leading publicly traded property and casualty insurance company, announced Tuesday, April 3, that it is expanding its marine insurance business in the Philippines and Malaysia.

In a statement carried by Media Outreach, Chubb said this will effectively increase its footprint in marine insurance to 10 markets in Asia, comprising Korea, China, Hong Kong, Taiwan, Vietnam, Thailand, Malaysia, Singapore, Indonesia and Japan.

In the Philippines, the insurer is rolling out a full suite of insurance products and services.
The operations in Philippines are led by Jeanette Cebeda, Property and Casualty Technical Lines Marine and Surety Underwriter.

To further grow its marine business in Malaysia, Chubb has appointed Owen Poh Head of Marine in that country.

Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 people worldwide. 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's underwriting strategy focuses on four pillars: the delivery of cargo, logistics, marine hull and fine art product and service offerings. The suite of products in Asia include Cargo Plus insurance for importers and exporters, relocation insurance for individuals and their possessions, shipment insurance for parcel and express freight, multimodal freight liability insurance for transport operators and localized fine art products for private and corporate collectors.

The insurer has also made additional investments in its services, including the award-winning Chubb CargoAdvantage® platform, a web-based marine cargo insurance quoting and issuing system as well as experienced risk managers to deliver physical and contractual risk management services to all sizes of Asian exporters and transport operators.

The product suite is designed to support a wide range of segments, including SME exporters and larger clients with a risk management focus, emerging pan-Asia logistics companies, local boat owners, and Asia's art collectors.

The statement quoted Anthony O'Brien, Regional Marine & Fine Art Manager, Asia, Chubb, as saying, "Beyond the product capabilities, a key focus area is the offline service to complement Chubb's investments within the digital area. With the appointment of Jeanette and Owen, we look forward to delivering a high level of service to the local art, boating, transport and shipping communities.”

He said, Chubb has made significant investments in our products, services and people but it will have more to do in 2023 and beyond in supporting its existing and new distribution channels.

“We are not content maintaining the status quo as we are already designing our next product for a growing recreation boat segment in Asia," O’Brien added.