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Chubb broadens cyber enterprise risk management solutions for Canadian and American clients


August 30, 2017   by Canadian Underwriter


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Chubb announced on Wednesday that it has broadened its enterprise risk management solutions for Chubb commercial cyber policyholders in the United States and Canada.

Two new policy forms, Cyber Enterprise Risk Management and DigiTech Enterprise Risk Management, combine cyber insurance with extensive loss mitigation and incident response services, gives organizations across all industries and sizes and ERM solution to address cyber risks, Chubb said in a press release.

Both policy forms, which Chubb says is in response to global cyber threats that require enterprise-wide attention and agile risk management solutions, are available in the wholesale and retail markets.

Key features of both policy forms include:

  • Highly customizable solutions to address clients’ unique needs, regardless of size or type of risk;
  • Chubb’s loss mitigation and incident response services;
  • Extensive claims experience (on average, Chubb reports handling claims involving more than two cyber incidents every day);
  • The Fast Track quoting platform, which offers online quoting and real-time policy issuance for eligible small risks in the United States “within minutes”; referred risks receive fast turnarounds from a Chubb underwriter;
  • Coverage incorporates insight gained from years of claims and underwriting experience;
  • Cybercrime coverage is available by endorsement or under separate cover from Chubb’s Fidelity and Crime product offerings;
  • Covers cyber incident response expenses, with “expansive consumer-based solutions that are ahead of regulatory requirements”;
  • No minimum premiums; premiums scale for all risk sizes based on scope of coverage and limits;
  • Eligibility for up to $25 million in limits; maximum capacity of $100 million available through Chubb’s Global Cyber Facility for qualifying risks;
  • Extortion expenses explicitly include bitcoin and other cryptocurrencies (Cyber ERM);
  • Payment card loss coverage built into the base form (DigiTech ERM); and
  • Available on a primary and excess basis.

“Chubb has more than 15 years of experience underwriting cyber exposures, and more than 30 years of experience handling technology-driven claims,” said Michael Tanenbaum, executive vice president of Chubb, in the release. “During that time, we’ve catalogued a considerable amount of proprietary loss data that reinforces our approach to combating cyber risk through a three-pronged approach that incorporates risk transfer, loss mitigation services and incident response services.”

William Stewart, division president of Chubb’s global cyber risk practice, added that the approach is reflected in the company’s new ERM offerings. “All organizations can benefit from this coverage, from the smallest businesses who can take advantage of the ability to quote and issue the policy via Chubb’s online portal, to the largest organizations with very customized needs,” he said.

Chubb is the world’s largest publicly traded property and casualty insurance company and the largest commercial insurer in the United States. With operations in 54 countries, Chubb provides commercial and personal P&C insurance, personal accident and supplemental health insurance, reinsurance and life insurance. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide.

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.