Chubb Insurance has set up a new global climate business unit, drawing on the company's extensive technical capabilities in underwriting and risk engineering.
A press release published by Chubb said this initiative would bring together Chubb units engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services.
The new business unit will provide a full spectrum of insurance products and services to businesses engaged in developing or employing new technologies and processes that help reduce the dependence on carbon. It will also provide risk management and resiliency services to help those managing the impact of climate change. Together these businesses already generated more than $675m in premium revenue for Chubb in 2022.
Chubb chairman and CEO Evan G Greenberg said this is a part of our “expanded commitment to support the transition toward net zero in response to rising climate challenges."
Mr. Greenberg said, "In the coming months, expect to see additional capabilities from Chubb to support our customers across all industries as they seek to become more carbon neutral and resilient from the threat of a changing climate."