Chubb boosted its insurance capacity for terrorism, political violence and war risks. CNA launched a new Affinity Programs unit within its specialty arm. Allianz Global Assistance will team with Mastercard to deliver claims payments in real time to bank accounts through debit cards. The Hanover Insurance Group has entered into the Pennsylvania personal lines insurance market.
Chubb said it is now offering increased insurance capacity of up to $150 million for terrorism, political violence and war risks in response to evolving threats and increased demand from multinational clients.
The new increased capacity, up from $100 million, will be available to brokers and their clients internationally and is designed to meet the needs of large, multinational businesses with growing global exposures.
Chubb has increased its terrorism and political violence capacity per account by 300 percent in the last two years. The company said that since 2008 it has invested in building its terrorism and political violence insurance capabilities.
CNA is launching a new, centralized Affinity Programs unit within CNA Specialty to build on its expertise in affinity and delegated underwriting programs.
The new Affinity Programs unit will be led by John Brand, senior vice president, Specialty Underwriting.
It will include CNA’s underwriting services for Accountants, Architects & Engineers (A&E), Community Associations, Dentists, Law Firms and Legal Services, Nurses, Real Estate and Wholesalers.
Kevin Smith, president and chief operating officer, CNA Specialty, said that creating a centralized Affinity Programs unit “demonstrates CNA’s commitment to bringing specialization to managing these types of business insurance programs and better aligns the expertise of our team with the needs of our customers.”
Allianz Global Assistance will team with Mastercard to deliver claims payments in real time to bank accounts through debit cards.
Using Mastercard Send, Allianz can now pay customers within minutes of their claim being finalized. This allows travelers to get access to their funds sooner, which may help them to pay travel expenses or replace lost or stolen items while they’re still on their trip.
Mastercard Send is a Push Payments service that facilitates the delivery of funds quickly and securely. These funds can then be used anywhere a debit card is accepted, including overseas. Through a single connection to the Mastercard Send platform, businesses, merchants, governments, non-profits, issuers and other senders can send money to consumers and small businesses. By digitizing personal payments that are typically handled via cash or check, Mastercard provides greater convenience, choice and security to both payment senders and receivers.
In March, Allianz Global Assistance announced the ability to make claim payments directly to customer bank accounts. Those payments are routed through the banking system and usually arrive within about two days.
The Hanover Insurance Group has entered into the Pennsylvania personal lines insurance market as part of an ongoing strategy to expand its market footprint.
With its launch in Pennsylvania, The Hanover is offering agents a suite of personal lines products and services including:
Sources: Chubb, CNA, Allianz, The Hanover Insurance Group