Chubb chief pledges no staff layoffs during pandemic

Chubb Ltd. Chairman and CEO Evan Greenberg said Sunday there will be no staff layoffs during the COVID-19 pandemic health crisis.

The pledge of job security came as the Swiss-based insurer committed $10 million to global relief efforts. “We want our 33,000 employees around the globe to be assured that their jobs are secure at this difficult time,” Mr. Greenberg said in a statement.

“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,” he added. The $10 million in relief will provide essential resources immediately in areas facing the most acute need, Chubb said in the statement.

This includes organizations providing emergency medical equipment and supplies to health care facilities, and to community foodbanks to support those who are now unemployed due to the pandemic, the insurer said. “We are committed to supporting people, business and communities most impacted by this global crisis,” Mr. Greenberg said in the statement.

In February Chubb’s China operation, Chubb Insurance Co. Ltd., said it would offer up to 100 million yuan ($14.1 million) of pro bono clinical trial liability insurance coverage to support development of a coronavirus vaccine.

The pro bono coverage was targeted to domestic research and development entities, and clinical trial centers that had obtained permission to sponsor human clinical trials to develop a drug to treat coronavirus in China, the insurer said in a Feb. 3 statement.

Source: Business Insurance