Chubb Limited announced it has entered into a long-term distribution agreement with Suning, a large retailer in China.
As part of the deal, Chubb will provide personal and general insurance products to Suning’s customer base, which includes 230 million registered e-commerce customers and 130 million members of Suning Yifubao, the retailer’s online payment processing platform. Chubb’s initial product focus will include accident and health, travel, homeowners, personal device and package policies for small to medium-sized enterprises, the company said.
"China represents a significant long-term growth opportunity for Chubb and we are delighted to partner with Suning, a retailing giant with a distinguished brand," said Evan Greenberg, Chairman and CEO of Chubb, in a statement. “With this distribution agreement, Chubb will bring to bear its unmatched insurance expertise and experience – from product design, underwriting, data analytics and claims to state of the art direct marketing capabilities – to deliver exceptional insurance coverage and service to Suning's customers.”
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