August 30, 2017 by Canadian Underwriter
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:
“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.