Chubb (CB) Unveils Marine Service Capabilities In China

Chubb Limited (NYSE:CB) recently introduced its marine service capabilities in China. The new product will cover a wide range of specialized insurance solutions, tailor made to meet the needs of importers, exporters and transport operators.

The aforementioned service capabilities will be available to the local insurance community, comprising marine brokers and industry practitioners.

In the wake of globalization, the trading and shipping industry in China requires specialized and customized marine insurance solutions. Global risk management support and broader protection are necessary for exporters and importers as well. Also, in order to provide full value protection to shippers, multimodal transport operators require web-based cargo insurance, along with special arrangements for designated contracts or increased indemnities.

With the launch of these marine service capabilities, the China team at Chubb will now be able to provide an all-inclusive multimodal freight liability product, coupled with web-based and customized solutions pertaining to cargo insurance.

Being one of the biggest cargo and marine hull insurance markets in the world, China has a very important role to play in the global marine insurance market. Marine insurance has solid potential for growth, locally, owing to consistent overseas investment growth, displayed by Chinese enterprises and the government’s ‘One Belt, One Road’ initiative.

Chubb’s in-depth underwriting experience in marine insurance and local market expertise will allow the property and casualty insurer to offer customized insurance solutions and risk management services to clients looking for a trustworthy partner.

Shipment insurance for higher volume and lower value deliveries and improved annual cargo insurance product for domestic and international shippers are some of the varied marine service capabilities offered by Chubb.

Chubb has been taking strategic initiatives to drive growth. To that end, last month, the insurer unveiled its Cyber Enterprise Risk Management (ERM) solution in the Asia Pacific region.

Zacks Rank and Stocks to Consider

Currently, Chubb carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include Allied World Assurance Company Holdings, AG (NYSE:AWH) , National Interstate Corporation (NASDAQ:NATL) and NMI Holdings, Inc. (NASDAQ:NMIH) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).

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