CB · 10-Q · 2026Q3 · Full report

Agricultural Insurance Results

Chubb Ltd · 2026-10-28 · Importance 38 · Surprise 32

North America Agricultural Insurance net premiums written increased 5.1% to $1.532 billion for the third quarter and 6.2% to $2.619 billion for the first nine months of 2026, primarily driven by Multiple Peril Crop Insurance growth. Nine-month net premiums earned rose 5.8% to $2.389 billion. The nine-month combined ratio improved 1.5 points to 85.3%, while the current-accident-year ratio excluding catastrophe losses improved 1.0 point to 87.7%. The improvement reflected favorable crop-hedge activity, lower acquisition costs from business-mix changes, and higher MPCI administrative and operating reimbursements.

Key facts

• North America Agricultural net premiums written increased $74 million, or 5.1 percent, in the third quarter and $152 million, or 6.2 percent, in the first nine months of 2026, primarily from MPCI growth. source
• North America Agricultural net premiums earned increased $64 million, or 4.3 percent, in the third quarter and $131 million, or 5.8 percent, in the first nine months of 2026. source
• North America Agricultural net premiums written for the nine months ended September 30, 2026, also included Livestock growth driven by lower reinsurance cessions. source
• North America Agricultural's current-accident-year combined ratio excluding catastrophe losses decreased in the third quarter and first nine months of 2026, reflecting favorable year-over-year crop hedge activity and a lower acquisition cost ratio from business-mix changes. source
• North America Agricultural's nine-month current-accident-year combined ratio excluding catastrophe losses also benefited from higher MPCI A&O reimbursements, which lowered the administrative expense ratio. source
• North America Agricultural Insurance's three-month P&C combined ratio was 89.3% and its current accident year combined ratio excluding catastrophe losses was 89.0% in 2026. source
• North America Agricultural Insurance's three-month P&C combined ratio was 88.0% and its current accident year combined ratio excluding catastrophe losses was 89.7% in 2025. source
• North America Agricultural Insurance's nine-month P&C combined ratio was 85.3% and its current accident year combined ratio excluding catastrophe losses was 87.7% in 2026. source