Chubb is doubling down on the global middle-market and small business segments, according to CEO Evan G. Greenberg, who highlighted them as key growth drivers during the company’s second-quarter earnings call.
“We continue to see consistent growth and opportunity in these sectors,” Greenberg said. “That’s where we’re placing our emphasis, and we believe the potential is substantial.”
“The trends here are resilient,” he added. “We’re deeply embedded in these markets, and I fully expect our double-digit growth trajectory not only to continue but to accelerate over time.”
Greenberg highlighted expansion beyond the United States—where Chubb is already the second-largest middle market commercial insurer—pointing to promising opportunities across Asia (including Singapore, Taiwan, Thailand, Korea, Malaysia, and Australia), as well as Latin America and Europe. He emphasized that as these global economies evolve, new industries and enterprises are emerging.
Chubb’s Q2 earnings report showed strong performance, with a 33% increase in net income and a 6.3% rise in consolidated net premiums written. However, Greenberg noted increasing competition in the large-account and excess & surplus (E&S) property market.
“The commercial property space for large and E&S accounts has become much more crowded. Rates are falling, even though policy terms and conditions remain fairly stable,” he said during the call. “A lot of capital is flowing into property coverage right now, and prices are declining.”
He made it clear that Chubb is backing away from the large account property market when appropriate. “Others are ramping up, but we’re stepping back when necessary,” Greenberg said.
By contrast, Chubb sees more stability and discipline in mid-market and small commercial lines—particularly on property—where the company is continuing to grow its footprint.
Chubb Not Impacted by FEMA’s Future, Maintains Selective Flood Coverage
Greenberg was also asked whether potential changes to the Federal Emergency Management Agency (FEMA)—which manages the National Flood Insurance Program (NFIP)—might impact Chubb’s affluent homeowner portfolio and whether the company would consider expanding into private flood coverage.
His answer was straightforward: “No.”
“FEMA provides a fairly minimal level of coverage,” Greenberg explained. “The $250,000 cap under NFIP barely registers for high-net-worth homeowners. It doesn’t move the needle when you’re talking about multimillion-dollar properties.”
Greenberg added that Chubb already participates in the private flood insurance market but does so selectively, supported by more advanced risk assessment and mapping than FEMA currently uses.
Regarding the possible dismantling of FEMA—an idea floated by the Trump administration—Greenberg cautioned against such a move.
“I think eliminating FEMA would be a mistake,” he said. “I’d recommend restructuring the agency and changing how it delivers coverage.”
He emphasized the need to rethink flood insurance incentives, particularly for properties repeatedly affected by flooding.
“I wouldn’t offer the same individual repeated compensation to rebuild in a known flood zone,” he said. “But FEMA does play a critical social role as a first-loss provider for those with no other options.”