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SINGAPORE, May 22, 2017 /PRNewswire/ -- Chubb announced today that it has received the "Asia-Pacific Insurance Innovation Award" for its CargoAdvantage^® system at the inaugural Asia-Pacific Risk Management Awards.

The "Asia-Pacific Insurance Innovation Award" recognizes insurers that can demonstrate that they have developed an innovative risk and/or insurance product, solution or initiative that has significantly benefited one or more of their Asia-Pacific clients. The awards were independently and rigorously judged by a panel of risk experts from across the region.

Chubb's CargoAdvantage is a proprietary and market-leading web-based marine insurance quoting and issuing system. It allows freight forwarders to reduce liability by offering a cargo insurance quote and cover for a shipment within four minutes. This user-friendly system has multiple benefits for transport companies, including:

• Certificates issued on the spot to support transportation and trade documentation
• The system is accessible anywhere, anytime via computer with Internet access
• The certificates are automatically archived and can easily be referenced in the event of a claim
• Streamlined operations process of automated monthly invoicing and billing
• CargoAdvantage also provides logistics companies with access to Incoterms® 2010, a glossary of common Marine terms and claims forms for ease of reference and convenience

Commenting on the win, Jason Keen, Chubb's Head of Property & Casualty for Asia Pacific, said, "We are very proud to receive this award for innovation. As craftsmen of insurance, we meticulously conceive, craft and deliver extraordinary coverage and service for our customers and their agents and brokers. In this case, our CargoAdvantage provides the transport and shipping community in the region with a reliable solution which can reduce business risks via a simple web-based platform."

"Marine insurers have been mostly transacting business in a traditional manner," added Anthony O'Brien, Chubb's Head of Marine for Asia Pacific.  "Chubb is forging closer relationships with the transport and shipping communities to support and add value to them with products as well as risk management and e-commerce solutions. This award is testament to our work in developing a truly ground-breaking solution to benefit our clients in the region."

About Chubb

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline.  We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.