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Report: Chubb-led property policy on the hook for $76M Chile loss

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Report: Chubb-led property policy on the hook for $76M Chile loss

Chilean retailer Cencosud SA has filed a claim on its Chubb Ltd.-led property policy for property damage and business interruption from fires and looting following social unrest in the country, The Insurance Insider reported.

Aon PLC, the supermarket chain's broker, reduced an early loss notification of about $84 million to about $76 million, according to the report. However, the final figure remains uncertain.

Colombia's Grupo de Inversiones Suramericana SA is reportedly on the hook for a smaller part of the loss. The locally written policy is said to include strikes, riot and civil commotion in its wording. Chubb is understood to have secured a Lloyd's political violence facultative reinsurance policy that covers 40% of such exposure to Cencosud.

The retailer said on an earnings call earlier in December that it has property damage and business interruption insurance.

Cencosud did not reply to a request for comment from the news outlet, while Aon, Chubb and Suramericana declined to comment.