Chubb car insurance: the most important thing you need to know
Owning a car implies responsibility, it is a valuable asset that will spend a lot of time on the street, exposed to risks of many kinds. In addition, it is an object that by its very nature can be dangerous – for you as well as for your companions – and above all, for the people around you.
For this reason, just as it was an important decision to choose a car when buying it, protecting it adequately with insurance can save you many headaches and, above all, problems that can be serious for your assets , for your physical condition or even for your freedom.
Therefore, in GUROS we designed a guide With which you can make better decisions when choosing the company with which you are going to contract your auto insurance. Choose well, sleep well.
1. Chubb Auto Insurance
1.1 Types of vehicles that can be insured in Chubb
Chubb, formerly ABA Seguros, is a company focused on insuring cars, especially those that have special equipment or belong to the luxury line, as it offers exclusive coverage for high-cost vehicles.
The type of cars they insure are:
ABA Seguros is a company that sells accident, health, life and personal lines insurance. It currently belongs to Chubb Seguros México, a corporate that has achieved global recognition for its wide range of products and services, distribution capacity, financial strength, careful design of each policy and specialized knowledge in claims management and local operations.
ABA Seguros has undergone several modifications since its founding as Aztlán Insurance Company. In 1974 changed its name to Insurer Banpaís, nine years later became Seguros del País and returned to ABA Seguros in 1991, when it was acquired by Grupo Financiero ABACO. Said corporate was absorbed in 2013 by ACE Group and this, finally, was acquired by Chubb Group, to obtain its current name.
Countries where it operates
As part of a large international consortium, Chubb has a presence in 54 countries of the five continents.
According to figures of the corporate at an international level, Chubb has operations in 54 countries and territories.
2.2 Chubb financial information
Premium volume (total business)
Based on the quarterly report prepared by the Mexican Association of Insurance Institutions (AMIS), for the last quarter of 2017, Chubb reported a total of 10 millions 659 thousand 854 pesos in premiums net. This consolidates it as the thirteenth largest insurer in the country (2. 23% of the national total).
For the automobile branch, Chubb Insurance's turnover was 9 million 342 thousand 73 pesos in net premiums, with which was consolidated as the third largest company in the field (9. 10% of the national total).
Ranking in the Mexican insurance sector
With these figures, Chubb Insurance took the place 13 among the most important insurers in the country with a business volume equivalent to 2. 23% of the national total. In addition, it was consolidated as the third most important insurance company in cars, covering 9. % of the Mexican market.
Regarding its financial results, the financial balance of 2017 of Chubb Insurance returned a profit for 233 millions 406 thousand 986 pesos, with a combined technical ratio in the auto branch of 92%. While its global combined technical ratio is 90. 7% in all branches.
Chubb Loss Level
Regarding claims, in the last quarter of 2017 the insurer paid 5 million 181 thousand 469 pesos for all claims registered in the period (with a loss ratio of . 61%), of which 4 million 620 thousand 548 pesos were for auto insurance (with a loss ratio of 49. 48%).
As certifications of its financial strength, Chubb has the following qualifications granted by recognized international certifiers:
AA (Stable) around the house Fitch
While on financial strength, the house AM Best awarded the rating: A (Excellent)
Finally Standard & Poor's awarded it the mxAA rating , also due to financial strength.
2.3 Quality of care and service from Chubb
According to the evaluation of the User Service Performance Index issued by Condusef to compare the quality of service that insurers offer and the degree of satisfaction achieved by customers, in the case of Seguros Chubb, the Commission gave it a rating of 7. 43 Points of 10 possible, during the 2017. This figure places the company in the place 13 of 20 insurers analyzed.
Regarding the number of complaints before the Condusef in that year, Chubb received 1, 126 cases , of which 1, 051 belong to the auto branch.
The reasons that caused these disagreements were: Refusal in the payment of compensation, Non-compliance with the time for the repair of the affected property, Non-compliance with the time for the payment of compensation.
These figures are used to calculate the complaints rate for the 2017: Chubb Insurance attended 96, 703 claims, which compared to the total of 352 claims, gives a ratio of 0.0 03% of claims.
Sanctions imposed by the Condusef
In 2017 , Condusef sanctioned Chubb three times, for the amount of 114 thousand 239 pesos. However, the report does not indicate the reasons that led to these fines.
Average valuation of adjusters
The comparative that evaluates how efficient the work of Chubb adjusters is is called the User Service Performance Index. On this list, Chubb's adjusters achieved an average rating of 2.5. This places Chubb in position 4 of 73 insurance companies evaluated.
2.4 Added values of Chubb Insurance
In addition to the packages discussed above, Chubb Insurance offers additional coverages that expand the level of protection for:
Adaptations and conversions
Loading and unloading operations
Theft of purchases
Damage to tires and wheels
Pay consequential losses and expenses
CAP (Percentage Increase Clause) in total theft and material damage
Zeroable (zero deductible in the payment of a yes niestro)
While as added values without cost in the policy are:
Follow-up to claims online
Application ABA Clients for other services such as billing, payments, tracking of vehicle repairs
Travel assistance (tow truck, locksmith)
Comprehensive coverage abroad
Substitute car for damage, theft or severe breakdown
Repair in agency if it is contracted as insurance when buying a car in agency
Until 400 thousand pesos in medical expenses
Issuance of the policy in an average term of 24 hours
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