Chubb, the world's largest publicly traded property and casualty insurance company, has launched a new global climate business unit.

The company said the unit will draw on the company's extensive technical capabilities in underwriting and risk engineering and brings together Chubb units engaged in traditional, alternative and renewable energy, climate tech, agribusiness and risk engineering services.

It said the unit will provide a full spectrum of insurance products and services to businesses engaged in developing or employing new technologies and processes that help reduce the dependence on carbon.

It will also provide risk management and resiliency services to help those managing the impact of climate change.

Together these businesses already generated more than $675 million in premium revenue for Chubb in 2022, the company said.

Evan G Greenberg, chairman and chief executive officer, said: "After many months of thoughtful deliberation, today we are announcing an expanded commitment to support the transition toward net zero in response to rising climate challenges.

"In the coming months, expect to see additional capabilities from Chubb to support our customers across all industries as they seek to become more carbon neutral and resilient from the threat of a changing climate."

The new global climate business unit will be co-led by two experienced Chubb senior leaders.

Matthew McMullin, based in Whitehouse Station, New Jersey, has been named North America leader of the practice.

Matthew Hardy, based in London, has been named Chubb Overseas general leader, representing all markets outside Bermuda, the United States, and Canada.

Mr McMullin said: "In addition to already underwriting one-third of the Global Cleantech 100 companies, we've been writing renewable and alternative energy businesses for more than 20 years, keeping pace with rapidly evolving technologies over that time.

"The new business will see expanded appetite and additional tailored insurance products and related services to further assist the transition from hydrocarbon-based fuels to environmentally friendly and renewable natural resources."

Mr Hardy added: "Our local presence in 54 countries and territories allows us to be on the leading edge of new technology developments, including agritech in Latin America, electric vehicles in Europe and manufacturing in Asia, as each area is contributing to the global net zero goal and innovating in different ways.

"With a full spectrum of solutions, dedicated underwriters and risk engineers, we can scale to our customers' needs, however complex."

Mr McMullin, who will maintain his role as energy industry practice leader for North America, joined Chubb in 2008.

Mr Hardy, formerly executive vice-president, energy, for COG, joined the company in 1996.

They will work with Chubb's new global climate officer, Margaret Peloso, who will be joining Chubb from Vinson & Elkins where she practised law and served as the firm's lead sustainability partner and is a board member of the Environmental Law Institute.