Chubb launches comprehensive risk management solution for the manufacturing industry


HONG KONG, Nov. 3, 2021 / PRNewswire / – Chubb today announced the launch of a packaged insurance product that addresses the evolving risks faced by manufacturers in Hong Kong SAR, Malaysia and Singapore. Known as Chubb blend, it will complement the existing range of insurance solutions the company currently offers for the manufacturing industry, namely PremierTech for manufacturers of technology products and Life Sciences Liability for manufacturers of pharmaceutical products and medical devices.

(PRNewsfoto / Chubb)

The manufacturing industry is facing its fourth revolution (Industry 4.0) where manufacturers are leveraging technologies and embracing digital transformation to stay competitive and drive productivity gains. These, in turn, have resulted in a set of risks and challenges that manufacturers need to be aware of and protect against, such as:

  • New supply chain risks as manufacturers’ relationships with suppliers and customers become increasingly interdependent.

  • Greater exposure to cyber incidents as digitization is rapidly changing the factory with automation, robotics, Internet of Things (IoT), artificial intelligence, etc.

  • Additional risks of being contractually liable for financial losses incurred by customers, as manufacturers and customers are more closely linked for a greater part of the product lifecycle, especially if manufacturers add services such as maintenance and / or advice.

Chubb Assembly is a scalable and modular insurance solution that enables manufacturers to address these risks and challenges. The main coverage features include:

  • Liability and product liability: Provides broad protection against personal injury and property damage claims, premises liability claims and non-employee injuries, as well as first and third party product recall charges

  • Liability for manufacturing errors and omissions: Responds on behalf of a manufacturer to third party claims alleging financial or economic damage resulting from actual or suspected product defects, product failure or failure to perform a service in accordance with a contract.

  • Cyber ​​Enterprise Risk Management (ERM): Provides an incident response platform to mitigate and resolve first-party cyber incidents that may result in business disruption, data recovery costs and extortion negotiation, as well as coverage for civil liability arising from of a cyber incident.

Sir. Kevin stevens, Chief Industrial Practices Officer of Chubb in Asia Pacific, said: “Traditional insurance does not adequately respond to the evolving risks that the manufacturing industry faces given the pace of change it faces. The implementation of Industry 4.0 will result in increased exposures, and Chubb Assembly can help manufacturers address these risks through insurance coverage and loss mitigation through Pre and Post Disaster Services at Chubb. “

About Chubb

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb offers commercial and personal damage insurance, accident and supplementary health insurance, reinsurance and life insurance to a diverse group of customers. As an underwriting company, we assess, assume and manage risk with insight and discipline. We process and pay our complaints fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations on a global scale. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is included in the S&P 500 Index. Chubb has executive offices in Zurich, new York, London, Paris and other locations, and employs approximately 31,000 people worldwide.

With general and life insurance businesses, Chubb has been present in Hong Kong SAR for over 90 years through acquisitions by its predecessors. Its general insurance business in Hong Kong SAR (Chubb Insurance Hong Kong Limited) is a specialized and niche general insurer offering products such as P&C, marine, financial and consumer insurance products designed for large businesses. , medium and small businesses as well as as retail customers. The long-term financial strength of the AA insurer and the credit ratings of the counterparties by Standard & Poor’s are indicative of the company’s strong capitalization. Over the years, the company has built strong relationships with its clients by being consistent and responsive, offering market-leading claims services and innovative products, and providing market leadership based on financial strength.

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