The Chubb Corporation

2013 Update on Asbestos

Reserves

Date of release: 01/30/2014

Exhibit 99.3

CHUBB

2

Forward Looking Statements

The following materials contain “forward looking statements,”

including those relating to loss reserves and claim estimates, that

are subject to certain risks and uncertainties which could cause

actual results to differ materially from those expressed or

suggested by such statements.  Such risks or uncertainties

include but are not limited to those which may be noted more fully

in the materials themselves, as well as those discussed or

identified from time to time in The Chubb Corporation’s public

filings with the Securities and Exchange Commission. The Chubb

Corporation assumes no obligation to update any forward-looking

information set forth in the following materials, which speak as

of

January 30, 2014 or as otherwise specified in the materials.

CHUBB

3

Contents

•

Purpose of Updated Review

•

Evaluation Methodology

•

Exposure Analysis

•

Asbestos Payments and Reserves

•

Three Year Reserve Comparison

•

Conclusions

CHUBB

4

Purpose of Review

•

Reassess Chubb’s ultimate liability regarding asbestos

exposures using an internal analysis, reviewed by our

independent outside consulting actuaries

•

Determine appropriate reserve levels

•

Ensure aggressive case management of asbestos claims

–

manage our exposure

–

identify trends or issues that may impact exposure

•

Provide relevant substantive information requested by

investors and rating agencies

CHUBB

5

Evaluation Methodology

•

Chubb segmented its defendant policyholders into two

groups

Traditional defendant policyholders (Tiers 1 & 2)

–

Those engaged in asbestos mining, manufacturing and

building products industries

Peripheral defendant policyholders (Tiers 3 & 4)

–

Those who manufactured, distributed, or installed an

asbestos-containing product or who owned or operated

a facility where asbestos products were present

CHUBB

6

Exposure Analysis

Within these policyholder categories:

•

All Tier 1 & 2 accounts and Tier 3 & 4 accounts with Chubb incurred

losses of at least $3M or judged to have high potential exposure

were

evaluated individually. Claimant information and available coverage

were reviewed for each defendant policyholder, including terms of

coverage, policy limits and aggregate limits.

•

Tier 3 & 4 accounts not individually evaluated were analyzed in the

aggregate using statistical techniques. Factors considered include

available coverage, claimant count, report year, bankruptcy, coverage

dispute and case reserve amount.

•

Future claims from unknown defendant policyholders were estimated

based on claim reporting patterns and projected claim severities.

CHUBB

7

Asbestos Payments & Reserves by Category

#

$

$

Traditional Defendants Tier 1

1

–

33

Traditional Defendants Tier 2

11

18

88

Peripheral Defendants Tiers 3 & 4

374

52                  298

All Other

4

22

Reserves for future claims from

unknown policyholders

Unknown

–

125               

Total

386

74

566

Policyholders

Total Net

Net Asbestos

with Open Claims

Paid

Reserves

At 12/31/13

In 2013

At 12/31/13

($ in millions)

CHUBB

8

Asbestos Payments & Reserves by Category

Total net asbestos reserves at 12/31/13: $566M

•

Case reserves of $232M

–

Established by Claim Department on known claims

•

IBNR reserves of $334M

–

Includes provision for:

•

potential reserve development on known defendant

policyholders (development)

•

future claims from unknown defendant policyholders

(pure IBNR)

•

future declaratory judgment actions and other

litigation

CHUBB

9

Asbestos Net Loss Reserve Comparison

($ in Millions)

2013

2011

Beginning Reserves

$631

Incurred Losses & LAE

22

51

Calendar Year Payments

for Losses

(28)

(52)

(20)

(22)

Ending Reserves

$605

$566

IBNR portion of

Ending Reserves

$336

$334

$589

Calendar Year Payments

for LAE

2012

$605

28

(25)

(19)

$589

$331

CHUBB

10

Conclusions

•

Chubb’s asbestos net reserves of $566M at 12/31/13 are

based on our 2013 analysis of our ultimate asbestos liabilities

•

This reserve represents Chubb’s best estimate of our ultimate

asbestos liability at 12/31/13

•

This reserve amount is at full (undiscounted) value, and no

consideration has been given for legislative or judicial relief

•

The net reserve reflects a modest reinsurance recoverable

amount of approximately 3% of the gross reserve

•

Net payments for asbestos liabilities in 2013 were $74M

•

Reserves at 12/31/13 calculate to a 3 year survival ratio of 10.2