“There is a lot of hungry and extremely naive capacity available,” Evan Greenberg, Chairman and Chief Executive Officer of Chubb, highlighted as he addressed mounting competitive pressures across global commercial property and casualty (P&C) lines.
Pointing to an influx of undisciplined underwriting capacity, Greenberg noted that Chubb’s global reach remains its strongest shield: “Our broad diversification, including a deep local presence in so many countries and lines of business, leave us relatively well positioned with many areas of opportunity.”
The executive noted that pricing conditions across commercial P&C markets, most notably in the United States and London, are becoming increasingly aggressive.
He cautioned that beyond the property sector, softer market dynamics are infiltrating casualty lines.
“Beyond property competitive market conditions are spreading to more casualty lines where pricing in numerous areas is failing to keep pace with lost costs, which while steady continue to well outpace general inflation,” Greenberg stated.
Despite these market headwinds, Chubb delivered strong nine-month results for 2026, highlighted by a 33.7% year-on-year surge in P&C underwriting income to $5.79 billion and a P&C combined ratio of 84%.
Growth across the nine-month period remained robust, with net premiums written advancing 5.1% to $43.85 billion, and gross premiums written increasing 4.8% year on year to $52.86 billion.
Net income, before accounting for non-controlling interests, was $7.97 billion, compared with $7.45 billion a year earlier, supported by a 101% increase in net investment income to $5.26 billion.
In the third quarter, Chubb continued its positive momentum, posting a 1.5% rise in net income to $2.84 billion alongside a 1.9% uptick in net premiums written to $15.14 billion.
Greenberg credited the performance to balanced operations, noting that strong contributions from across the company’s footprint demonstrate the underwriting discipline and diversification essential to sustaining margins.
Quarterly underwriting profitability absorbed a heavier burden from natural catastrophes, with pre-tax net catastrophe losses surging to $705 million from $285 million a year earlier, partially cushioned by $511 million in favourable reserve development.
Consequently P&C underwriting income fell 8.8% to $2.06 billion from $2.26 billion in Q3 2025, while the combined ratio deteriorated to 84.1% from 81.8%.
A similar dynamic played out in Global P&C, excluding agriculture, where net premiums written rose 1.5% to $11.65 billion while underwriting income fell 8.9% to $1.89 billion.
Offsetting the P&C pressure, insurance/" style="color:#c0392b;font-weight:700;text-decoration:underline;" class="hta-topic-link">life insurance operations delivered steady gains, lifting net premiums written 1.4% to $1.96 billion and segment income 11.4% to $369 million.
