Chubb is a global insurance company, headquartered in Switzerland, with operations across 54 countries. It provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. Chubb Limited is listed on the New York Stock Exchange. As of 2021, the financial institution had USD 200.05 billion in total assets and 31,000 employees.
Chubb has a publicly available policy statement committing it to respect human rights. It also has a grievance mechanism accessible to all workers and external stakeholders to raise human rights, as well as bribery and corruption, concerns or complaints. Moreover, it has a policy prohibiting bribery and corruption and discloses its approach to lobbying and political engagement.
There is no evidence that Chubb links the remuneration of its executive or management teams to sustainability performance criteria. Moreover, there is no evidence that the financial institution has a public commitment to gender equality and women’s empowerment. While the financial institution discloses actions it takes to address gender equality, for example supporting women’s career development, it is not clear how these actions address any identified pay gaps. Furthermore, women are underrepresented on the board of directors; only 3 out of 13 board members are women. The financial institution has an opportunity to reach at least 40% female representation in senior leadership positions and on the board. Regarding engagement, Chubb has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees, across all its financing activities.
There is no evidence that Chubb discloses a target to reach net-zero financed emissions by 2050. Furthermore, no evidence of an approach to fossil fuels, which covers the entire fossil fuel value chain and all of the financial institution’s financing activities, was found in the public domain. This could include the amount or share of finance directed towards fossil fuels, or the financial institutions stance on financing companies with new fossil fuel projects. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on alignment with the Paris Agreement. It could also disclose its financing activities devoted to climate solutions. Regarding nature and biodiversity, Chubb has an opportunity to commit to minimising its negative impacts.
Chubb has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. On workforce diversity, while the financial institution discloses the ages of its board of directors, as well as the genders of its board members and executive officers, it has an opportunity to disclose this information for each employee category. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.
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Revenue: USD 40.96 billion; Total assets: USD 200.05 billion