Annual Report 2001 - Chubb Group of Insurance Companies
Annual Report 2001 - Chubb Group of Insurance Companies
Annual Report 2001 - Chubb Group of Insurance Companies
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Dean R. O’Hare, Chairman and Chief Executive Officer<br />
DEAR SHAREHOLDERS<br />
The year <strong>2001</strong> will live in memory — for the world in general, for<br />
the families <strong>of</strong> victims <strong>of</strong> terrorism and for the insurance<br />
industry. The attack <strong>of</strong> September 11th was the largest catastrophe in<br />
insurance history, costing the global insurance industry a still<br />
undetermined amount, with published estimates as high as $70 billion.<br />
For <strong>Chubb</strong>, the gross cost before reinsurance was more than $3 billion,<br />
which translated to $645 million net <strong>of</strong> reinsurance and an after-tax cost<br />
to shareholders <strong>of</strong> $420 million — more than half <strong>of</strong> what we earned in<br />
the entire previous year.<br />
I cannot mention September 11th without expressing my pride in<br />
how <strong>Chubb</strong> responded to the tragedy. Apart from property, business<br />
interruption and other coverage, <strong>Chubb</strong> provided workers’ compensation
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