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Chubb, the US-based international property and casualty insurance company, has launched a new service: terrorism risk evaluation service, intended mainly for multinational companies. The service includes various tasks such as terrorism & political violence (PV) underwriting, risk engineering, global security, catastrophe modelling and digital expertise.

Chubb introduced the new venture after obtaining feedback from corporate customers who wanted to evaluate and better understand potential terrorism risks from around the world.

The process goes as following,

A Chubb risk engineer assesses a client’s key locations using a staged process of Risk Identification, Protective Security and Risk Mitigation, which is then combined with Mobile Risk Analytics, including GPS app mapping technology.

This process considers the occupancy and location of the visited site and surrounding exposures. It also assesses core aspects of protective security and provides a location-specific score for the perils at risk as well as identifying potential terror targets within the vicinity.

Analysed data is presented to the client in a comprehensive, bespoke report detailing the results of the survey and recommendations to reduce potential security breaches. Scores are derived from a series of individual assessments, which are weighted in accordance with criticality.

Piers Gregory, Head of Terrorism and Political Violence, Chubb, said:

“The threat of terrorism and political violence around the world is an issue which companies need to consider both for the safety of their employees and customers and, also, to ensure business continuity wherever possible.

“Chubb’s multinational customers use facilities in many different countries and the expert insights and analysis provided by our new Terrorism Risk Evaluation Services can help provide them with an accurate assessment of the risk exposures of their buildings and other premises, wherever they might be.”

As new forms terrorism emerges from several parts of the world, the new service from a Chubb can only be termed as timely.