Chubb has launched marine service capabilities in China, which include a range of specialized and customized insurance solutions to cater to the needs of importers, exporters and transport operators.
The new marine service capabilities were introduced to the local insurance community, including marine brokers and industry practitioners, at seminars in Shanghai and Beijing hosted by several members of Chubb management in China.
Chubb's extensive marine service capabilities include:
- 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;
- CargoAdvantage, a user-friendly web-based facility to quote and issue marine insurance certificates to exporting and trading customers;
- 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 Overseas General marine head Andrew Williamson 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.”
Chubb China marine head Song Wei 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.
“With Chubb's deep underwriting experience in marine insurance coupled with local market expertise, we can provide bespoke insurance solutions and risk management services to clients who want a partner they can trust."
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.