Chubb-led initiative addresses lack of capacity in marine cargo market for risks associated with lithium battery transit and stock
LONDON, Sept. 14, 2023 /PRNewswire/ -- Chubb today announced the launch of a new Lloyd's of London consortium it will lead that is designed to provide insurance coverage for risks associated with the transit and storage of lithium batteries.
The consortium was created to address a lack of capacity in the marine cargo market for providing lithium battery transit and stock insurance. It provides a one-stop solution with limits up to $50 million for risk types associated with lithium batteries including transit, stock throughput, standalone stock and warehouse legal liability, and will include excess stock and part orders. It is led by Chubb Global Markets (CGM), the company's London Market wholesale and specialty business including its Lloyd's platform, and supported by 11 other Lloyd's syndicates. CGM will also draw on the capabilities of Chubb Climate+, the company's global climate business unit launched early in 2023.
Rob Wilson, Chief Underwriting Officer for Chubb Global Markets, said: "We're delighted to lead the creation of this battery consortium with the support of the Lloyd's market, utilising our in-house risk management capabilities to ensure its viability. The work involved in managing lithium battery risks is extensive and brokers can now use this facility to gain access to capacity in this new risk area. The consortium provides brokers and insureds with a single port of call to bind these risks, helping to shore up the lithium battery supply chain as demand continues to grow."
Matt Hardy, Leader of Chubb Climate+ for Chubb Overseas General, said: "The lithium battery industry is growing at a rapid rate and many businesses involved in moving and storing these batteries are increasingly in need of an experienced and reliable insurance partner and solution to support the ramp-up in production. The creation of a consortium dedicated to underwriting these risks aligns firmly with our commitment to harnessing our underwriting and risk engineering capabilities to support the transition to a low-carbon economy."
To learn more about the lithium battery consortium, please contact Alex O'Brien, Product Head – Cargo - Chubb Global Markets: firstname.lastname@example.org
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, 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, Paris and other locations, and employs approximately 40,000 people worldwide. Additional information can be found at: www.chubb.com
Chubb Global Markets is a trading name of Chubb European Group SE (CEG) and Chubb Underwriting Agencies Limited (CUAL).
CEG is a Societas Europaea, a public company registered in accordance with the corporate law of the European Union. Members' liability is limited. CEG is headquartered in France and governed by the provisions of the French insurance code. Risks falling within the European Economic Area are underwritten by CEG, which is authorised and regulated by the French Prudential Supervision and Resolution Authority. Registered company number: 450 327 374 RCS Nanterre. Registered office: La Tour Carpe Diem, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie, France. Fully paid share capital of €896,176,662.
CEG's UK branch is registered in England & Wales under UK Establishment number: BR023093. UK Establishment address: 100 Leadenhall Street, London EC3A 3BP. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request (FS Register number 820988).
CUAL is registered in England & Wales under number 2287773. Registered address: 100 Leadenhall Street, London EC3A 3BP. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FS Register number 204901).
Details about our authorisation can be found on the Financial Conduct Authority website.