CHINA – Media OutReach – 26 February 2020 – Chubb announced the launch of Group Critical Illness Insurance in Hong Kong SAR. With rising medical inflation, ensuring sufficient coverage for critical illnesses is challenging and gaps are likely to emerge. Employers stepping up to fill this gap will be seen as employers of choice with a strong commitment to care for their employees.
Chubb’s Group Critical Illness Insurance has been designed to provide varying levels of protection to cater to different needs. The plan has pre-set age bands with fixed premiums without variation for gender or the need to declare existing medical conditions. This facilitates easy purchase by employers so they can protect their employees.
Highlights of this product includes:
1. Three different pre-set plans, with maximum limits at HKD100,000, HKD200,000 and HKD300,000
2. Three coverage options: cancer only, three critical illnesses or 36 critical illnesses
3. Four age bands for insured employees: 20-45, 20-55, 20-60 or 20-65 years old
4. Unisex premium
5. Unnamed basis
6. No medical check-up required / no medical questionnaire
Stanley Wong, President of Chubb’s general insurance business in Hong Kong SAR said, “Increasing advances in medical technology mean that most diseases can be cured. However, the surging costs of the latest treatment and medicine can be a heavy burden to many. By providing protection for employees beyond the traditional coverage for death and disability, a responsible and caring employer will certainly have an edge over others.”
Chubb is the world’s largest publicly traded property and casualty insurer. 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 more than 30,000 people worldwide.
With both general and life insurance operations, Chubb has been present in Hong Kong SAR for more than 90 years via acquisitions by its predecessor companies. Its general insurance operation in Hong Kong SAR (Chubb Insurance Hong Kong Limited) is a niche and specialist general insurer offering products such as property, casualty, marine, financial lines and consumer lines designed for large corporates, midsized commercial & small business enterprises as well as retail customers.
The AA- long term insurer financial strength and counterparty credit ratings by Standard & Poor’s are indicative of the company’s strong capitalisation. Over the years, the company has built strong client relationships by offering responsive service, developing innovative products and providing market leadership built on financial strength.