Chubb targets climate change, builds global team to capture opportunity

Global property/casualty insurer Chubb has acknowledged climate change, pulling together a new global team to coordinate and build out insurance products and services for industries on the front line of the drive to net zero emissions.

“After many months of thoughtful deliberation, today we are announcing an expanded commitment to support the transition toward net zero in response to rising climate challenges,” said Chubb CEO Evan Greenberg said.

“In the coming months, expect to see additional capabilities from Chubb to support our customers across all industries as they seek to become more carbon neutral and resilient from the threat of a changing climate.”

The new unit brings together Chubb departments engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services which Chubb claims generated more than $675 million in premium revenue in 2022.

Two Chubb senior insiders will lead the new global unit. Matthew McMullin has been named North America leader while Matthew Hardy will run the overseas unit from London, overseeing all markets outside the U.S., Canada and Bermuda.

McMullin retains his role as energy industry practice leader for North America where he has worked since June 2021 after a longer tenure in global casualty. Hardy has risen the ranks in Chubbs overseas energy business.

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