Chubb Vows No Layoffs During Coronavirus Crisis; Pledges $10 Million to Relief Efforts

April 6, 2020

Global insurer Chubb announced that it will not conduct any layoffs among its 33,000 employees while in the midst of the COVID-19 pandemic health crisis.

The insurer has also pledged to give $10 million to pandemic relief efforts globally.

“We are committed to supporting people, business and communities most impacted by this global crisis,” said Evan G. Greenberg, chairman and chief executive officer. “Our $10 million commitment will add to the urgent efforts required to meet the immediate health and nutrition needs of those most affected.”

Concerning the no-layoff pledge, Greenberg said the company wants its 33,000 employees around the globe to be “assured that their jobs are secure at this difficult time. Given all of the uncertainty that exists in the world, employment and benefits are one thing my colleagues will not have to be concerned about at this time.”

The $10 million in support will go to people and programs providing emergency frontline services and for assistance to the most financially vulnerable members of the community who have been impacted the hardest by the pandemic. The funding will be made by the Chubb Charitable Foundation.

Chubb said it will work with organizations in the United States and other countries to provide essential resources immediately in areas facing the most acute need. This includes organizations providing emergency medical equipment and supplies to healthcare facilities, and to community food banks.

Many Ways to Help in a Crisis

While the property/casualty insurance industry is having to explain that in most cases there is probably no coverage for business income or event cancellation losses, some individual insurers are finding small ways to assist the businesses and families being hurt by the coronavirus shutdowns. They are offering everything from free insurance to medical masks. Learn more.

Many insurers are offering flexible payment plans and donating to charities.

Allstate is forgiving 15% of monthly premiums for its auto insureds and providing free ID they coverage to every American.

Travelers Insurance is advancing commission payments to its insurance agents and giving $5 million to relief efforts among other efforts.

Silicon Valley-based insurance company, Go, is offering a 50% discount on auto insurance to all essential workers in Texas.

Small business insurer Next Insurance is cutting April premiums by 25% for some of its customers.

Insurance carriers are stepping forward with offers of help for customers and communities affected by the coronavirus crisis.

Many insurers are offering flexible payment plans and donating to charities.

Travelers Insurance is advancing commission payments to its insurance agents and giving $5 million to relief efforts among other efforts.

Allstate announced that its Allstate, Esurance and Encompass personal auto insurance customers will receive a premium credit that recognizes that people are driving less during this emergency. Most customers will receive 15% of their monthly premium in April and May, totaling more than $600 million. Allstate is also offering free identity theft protection to any U.S. citizen who wants it through the end of this year.

Silicon Valley-based insurance company, Go, is now offering a 50% discount on auto insurance to all essential workers in Texas who are on the front lines of the COVID-19 crisis. Go has partnered with Redpoint County Mutual Insurance Co. to offer coverage in Texas.

Small business insurer Next Insurance is cutting April premiums by 25% for its customers with general liability, professional liability and commercial auto policies to help them get through the coronavirus crisis.

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