Chubb Limited

Chubb’s moat is multi-factor and rooted in: 1) Intangible assets and brand in complex commercial lines and high net worth personal lines; J.D. Power’s 2025 study ranks Chubb highest in homeowner property claims satisfaction, supporting trust and retention.

Score: 85. 2) Switching costs via embedded risk engineering, multinational servicing, bespoke policy wordings, and claims expertise that are hard to replicate for large accounts; policy and program changes entail operational and compliance frictions.

Score: 85. 3) Cost advantage from scale: a broad global portfolio allows better risk selection, reinsurance purchasing power, and a competitive expense ratio across cycles.

Score: 80. 4) Efficient scale: many specialty and multinational lines have limited market capacity where a few global carriers can profitably serve demand without inviting excessive new entrants. Score: 80. 5) Network effects are limited in insurance; data scale helps pricing but does not create a classic two‑sided network.

Score: 55. Weighting these elements (switching costs and cost/scale weighted highest) supports an aggregate moat score of roughly low‑to‑mid 80s. We still flag potential moat erosion from technology‑enabled MGAs, aggressive competitors in E&S/property, and judicial trends (social inflation) that raise loss costs in casualty lines.