Chubb Ltd
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Global Property Catastrophe Reinsurance Program
Chubb’s core property catastrophe reinsurance program provides protection against natural catastrophes impacting its primary property operations (i.e., excluding our Global Reinsurance and Life Insurance segments).
We regularly review our reinsurance protection and corresponding property catastrophe exposures. This may or may not lead to the purchase of additional reinsurance prior to a program’s renewal date. In addition, prior to each renewal date, we consider how much, if any, coverage we intend to buy and we may make material changes to the current structure in light of various factors, including modeled PML assessment at various return periods, reinsurance pricing, our risk tolerance and exposures, and various other structuring considerations.
Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2024, through March 31, 2025. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Chubb renewed its terrorism coverage (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) for the United States from April 1, 2024, through March 31, 2025, with the same limits and retention and percentage placed except that the majority of terrorism coverage is on an aggregate basis above our retentions without a reinstatement.
| Loss Location | Layer of Loss | Comments | Notes |
|---|---|---|---|
| United States (excluding Alaska and Hawaii) | $0 million – $1.75 billion | Losses retained by Chubb | (a) |
| United States (excluding Alaska and Hawaii) | $1.75 billion –$2.85 billion | All natural perils and terrorism | (b) |
| United States (excluding Alaska and Hawaii) | $2.85 billion –$4.0 billion | All natural perils and terrorism | (c) |
| United States (excluding Alaska and Hawaii) | $4.0 billion –$5.7 billion | Named windstorm and earthquake | |
| International (including Alaska and Hawaii) | $0 million –$225 million | Losses retained by Chubb | (a) |
| International (including Alaska and Hawaii) | $225 million –$1.325 billion | All natural perils and terrorism | (b) |
| Alaska, Hawaii, and Canada | $1.325 billion – $2.475 billion | All natural perils and terrorism | (c) |
(a)Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels.
(b)These coverages are both part of the same First layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.
(c)These coverages are both part of the same Second layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.
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