Chubb has announced the launch of marine service capabilities in China. The offering includes customized insurance solutions for importers, exporters and transport operators.
The offering includes project cargo and consequential loss insurance for engineering project freight movements of oversize, fragile or difficult to handle equipment;
Multimodal freight liability, which provides customized protection for cross-border logistics companies;
Enhanced annual cargo insurance product for domestic and international shippers;
A risk management product that targets marine accounts with higher loss frequency based on a risk sharing structure between the shipper and insurer;
Fine art and valuable goods insurance supported by dedicated fine art and specie underwriting and risk management teams;
Shipment insurance for higher volume and lower value deliveries.
Chubb has also launched CargoAdvantage, which it describes as “a user-friendly web-based facility to quote and issue marine insurance certificates to exporting and trading customers”;
Andrew Williamson, Head of Marine for Chubb Overseas General said, “In today’s global commerce environment, China’s trading and shipping industry is demanding specialized and customized marine insurance solutions. Exporters and importers require broad protection and global risk management support. At the same time, multimodal transport operators need web-based cargo insurance, as well as special arrangements for nominated contracts or increased indemnities, to offer shippers full value protection. Our China team can now offer a comprehensive multimodal freight liability product plus web-based and tailored solutions for cargo insurance.”
Song Wei, Chubb’s Head of Marine for China, said: “As one of the largest cargoinsurance and marine hull insurance markets in the world, China plays an increasingly important role in the global marine insurance market. With continued growth of overseas investment by Chinese enterprises and the government’s ‘One Belt, One Road’ initiative, there is strong potential for growth for marine insurance locally”.
Participating in the launch events to provide the global, regional and local perspectives of Chubb’s marine service capabilities were: Mr. Williamson; Anthony O’Brien, Regional Manager Marine, Asia Pacific; Tiphaine Le Coarer, Deputy e-Cargo Insurance and Freight Liability Underwriter and Risk Manager, Asia Pacific; and Mr. Song Wei.
Chubb set up its first representative office in China in 1994, subsequently establishing a Shanghai-based branch company in 2000. This in turn was converted to a wholly owned subsidiary upon the approval of the China Insurance Regulatory Commission. The company currently has three operations in Shanghai, Jiangsu and Guangdong provinces. It plans to commence operations in other regions in the near future.