Chubb’s Got SMEs in Hong Kong Covered

Chubb’s Got SMEs in Hong Kong Covered

The extensive product and service offerings, broad distribution capabilities and exceptional financial strength define Chubb’s unique selling propositions (USPs).

The history of insurance can be traced back to the 18th century. During Babylonian times, the Code of Hammurabi was the first basic insurance policy. Ship merchants would pay this policy to lenders in the form of a loan to guarantee their shipment’s safety. Centuries later, insurance solutions have expanded to meet specific needs such as automobiles, health and travel.

Apart from individual needs, insurance is also essential for businesses, as they face various challenges and risks at different stages of their growth. Particularly for small and medium-sized enterprises (SMEs), who might not have the extensive resources and stable capital flow as multimillion-dollar corporations, the mishandling of risks can even lead to financial loss and even bankruptcy.

SMEs make up a significant part of the global economy. However, the sector is lagging in the adoption of digital solutions as compared to larger businesses. Many SMEs lack a robust budget and IT knowledge to go digital, rendering them more prone to cybersecurity risks. As per the Hong Kong SAR SME Cyber Preparedness Report 2019, 76 percent of SMEs surveyed said they had experienced a cyber incident, including data loss through system malfunction, technical fault and human error. Besides, 34 percent among these SMEs reviewed their cybersecurity protection but did not take further action upon a cyber incident. In this environment, it is no wonder that SMEs are in need of better protection.

Realizing such coverage gaps for SMEs in the insurance industry, Chubb, an insurance company based in Zurich, Switzerland, provides business pack products that are tailored to the needs of SMEs. With its advanced underwriting expertise and claims, account services and financial strength, Chubb is able to attend to every single need of small businesses.

Customized to SME’s needs

In the hope of customizing the best coverage for a wide range of businesses, Chubb conducts research and analysis to keep up with the SME landscape’s ever-changing dynamics.

In June 2021, Chubb collaborated with IT services and consulting expert Accenture to launch a “Digital Business Accelerated” report, which explored the role of increased digitization in SMEs and the emerging risks that might follow.

According to Doug White, President of Chubb in Hong Kong & Macau, digitization puts SMEs at new and emerging risks, like increased cybersecurity threats and additional liability challenges. “Chubb works alongside SMEs to provide the advice and protection they will need to build resilient digital businesses,” said White. 

Enterprise Guard Plus–an all-in-one solution for SMEs in Hong Kong

Earlier this year, Chubb enhanced its business pack policy “Enterprise Guard Plus” to focus on SMEs empowerment in Hong Kong. The enhanced policy offers greater coverage against unexpected expenses for the insured business.

The integrated package provides optional privacy liability protection, which covers the legal accountability emerging from mishandling personal data or non-public third-party corporate information or unintentional violation of privacy regulation. The package also covers other losses, like material damage, business interruption, employee dishonesty and personal assault. It also comes with an option to cover your employees’ compensation needs as well.

Outstanding financial stability

An SME insurance plan is of no value if the insurer doesn’t have a strong financial foothold in the market. You surely do not want your insurer to go bankrupt. With Chubb’s solid financial stability, you may rest assured that it will always have you covered.

For 130 years, Chubb has maintained its reputation as a financially sound company. According to Chubb’s 2020 annual report, the company had more than US$191 billion in assets and reported US$41 billion in gross premiums. What’s more, Chubb’s core operating insurance companies maintain Financial Strength Ratings of AA and A++ by American credit rating agencies Standard & Poor’s and A.M. Best, respectively, meaning that Chubb has a very strong capacity to meet its financial obligations. Moreover, Chubb’s parent company, Chubb Limited, is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. In the U.S., over 90 percent of the Fortune 1000 companies were insured by Chubb as at Q3 2021.

Always in the best of hands

Operating in 54 countries and territories, Chubb is the world’s largest publicly traded property and casualty (P&C) insurance company and a leading commercial lines insurer in the United States. Since its inception in 1882, Chubb’s goal has been to deliver the best possible insurance products for people and businesses—big and small. It offers clients a broad range of products and services, predictability in terms of capacity and underwriting approach, and rational and transparent pricing, terms and conditions.

With both general and life insurance operations, Chubb has established its presence in Hong Kong for more than 90 years via acquisitions by its predecessor companies. Its general insurance operation in Hong Kong (Chubb Insurance Hong Kong Limited) is a niche and specialist general insurer offering property, casualty, marine, financial lines and consumer lines designed for large corporates, mid-sized commercial and small business enterprises as well as retail customers.  No doubt, with Chubb, you will always be in good hands.

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Nidhi Singh
A self-confessed Bollywood lover, travel junkie, and food evangelist. I like traveling and I believe it is essential to take your mind off the daily monotony. I’ll be reporting on stories from Asia's entrepreneurial ecosystem and can’t wait to get going!


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