In a letter to shareholders after disclosing record 2025 results, Chubb Chairman and Chief Executive Officer Evan G. Greenberg emphasized the company’s underwriting discipline as key to navigating multiple hard and soft market cycles, noting that while the commercial property and casualty pricing environment is softening, the shift is not binary but “structured and nuanced.”
Pricing remains strong in some categories and markets, particularly U.S. casualty insurance, while softening in others, such as large accounts and mid- to upper-market real estate in the permitted, excess and surplus ranges, where conditions are now softer, the executive said.
Greenberg observed: “While the overall market is transitioning to the soft phase of the cycle, our company is well-positioned to grow given our diversification, although certainly not at the rate we grew during the hard market.”
He continued: “In summary, the vast majority of our businesses are less or less subject to pricing cycles and offer good growth opportunities – some faster, some slower. We have a lot of opportunity in front of us.”
Chubb has weathered numerous hard and soft market cycles over the years, and underwriting discipline remains a clear hallmark of the company, according to the CEO.
“We shrink the entire business when necessary to preserve underwriting profits. On the other hand, we aggressively take on risk exposure when we see an opportunity to earn adequate returns,” Greenberg explained.
The executive continued, “Many insurance companies claim to be disciplined, which is easy to say in a tough market, but few actually live up to it. Most insurance companies are now hungry for growth and unwilling to trade market share even if adequate returns cannot be achieved.”
In its full-year 2025 results, Chubb reported record property and casualty underwriting revenue of $6.53 billion, up 11.6% from 2024, and a record low combined ratio of 85.7%.
Greenberg praised 2025 as a great year, emphasizing the huge contribution of the company’s operations.
Recently, the U.S. International Development Finance Corporation (DFC) revealed that Chubb will serve as the lead partner of its US$20 billion maritime reinsurance program, which aims to restore commercial shipping in the Gulf and help restart energy and trade flows in the Strait of Hormuz.
Chubb CEO first spoke to ReinsuranceNe.ws about the structure and nuances of the post-commercial property and casualty insurance pricing environment.