Chubb set for 15% premium growth this yr.

Argentine insurer Chubb Argentina de Seguros (Chubb) expects to boost its gross premiums this year between 13-15% to US$21-22mn, compared to last year, underwriting director Enrique Pasquini told BNamericas. The US-based insurer expects strong insurance demand in Argentina during the next couple of years despite the fact that local property & casualty prices are set to rise due to international price trends, Pasquini said. Chubb has some 1,200 clients in Argentina and will be seeking to capture more although profitability will remain the company's top priority, he said, adding that Chubb serves both local and multinational company clients in Argentina as well as high-income individuals. In terms of profitability, Chubb believes it can beat last year's combined ratio of 88%, Pasquini said, adding the company's combined ratio reached 77% last month. The combined ratio represents an insurer's premiums less claims, expenses and commissions. Last year's combined ratio was "very good" given that the company had a good year in terms of claims and also due to the pesofication in Argentina, which permitted Chubb to pay local expenses in pesos while it continued billing in dollars, he said. Pasquini said that Chubb competes both with local and international insurers in Argentina depending on the market segment but due to an expected consolidation process where multinationals are set to dominate, international rivals are set to represent the main competition in the future. Chubb is one of the largest insurers in the US in terms of revenues and it serves property & casualty customers from more than 130 offices in 31 countries.