A chip varistor includes an element body exhibiting varistor characteristics, internal electrodes containing a first electrically conductive material, and an intermediate conductor containing a second electrically conductive material. The intermediate conductor is separated from the internal electrodes in a direction in which the internal electrodes oppose each other, and is disposed between the internal electrodes. At least a part of the intermediate conductor overlaps the internal electrodes in the direction in which the internal electrodes oppose each other. The element body includes a low resistance region in which the second electrically conductive material is diffused. The low resistance region is located between the first and second internal electrodes in the direction in which the first and second internal electrodes oppose each other.