Insuranceciooutlook

Chubb Launches Next Generation of Crime Insurance to Help Protect Firms against Theft by Employees and Outside Criminals

Insurance CIO Outlook | Tuesday, March 02, 2021

In its 2020 Study to the Nations, the Association of Certified Examiners found that workplace fraud caused companies to lose more than $3.6 billion globally from 2018-2019.

FREMONT, CA: Chubb has launched the new wave of crime insurance, Chubb PrimarySM Commercial Crime Insurance, to help businesses of all sizes and sectors defend themselves from illegal activity both within and outside their organizations.

In its 2020 Study to the Nations, the Association of Certified Examiners found that workplace fraud caused companies to lose more than $3.6 billion globally from 2018-2019. In addition, the FBI's Internet Crime Complaint Center announced in its 2019 Internet Crime Report that it received 23,775 business email breach reports, resulting in $1.7 billion in losses.

"Companies need modern coverage for a modern world," stated Chris Arehart, Senior Vice President, Crime Insurance Product Manager, Chubb North America Financial Lines. "Companies of all sizes and industries need to counter the sophistication of today's bad actors by having systems that work to reduce losses caused by criminal activities. Chubb's next generation of crime insurance is specifically designed to assist policyholders, as they manage modern exposures, and provides comprehensive coverage to address many internal and external crimes, including theft, computer hacking, social engineering and employee dishonesty."

Chubb's new crime insurance offering gives coverage for:

-Loss of funds and property arising from unauthorized access by hackers to insured computer systems, including mobile apps and customer-based web portals.

-Loss due to the fraudulent transfer of funds by the impersonation of staff, suppliers and consumers.

-Investigative expenses under all insurance clauses, as well as computer prosecution costs for damages incurred by hackers and impersonators.

Weekly Brief

Read Also