Norwich Union's push back into the coach market shows the insurer's expanding risk appetite
Norwich Union’s return to the coach market after six years is part of the insurer’s broader strategy of widening its risk appetite.
In an interview with Insurance Times earlier in the year, NU’s intermediary business director John Kitson said the company was looking to counter its perceived “selfishness” by becoming more flexible and accepting of wide range of risks.
This so-called selfishness had, according Kitson, seen brokers with large books of business with NU still finding some risks were turned away because they did not exactly fit its acceptance criteria.
This year has seen the company look to tackle this issue. It has been tweaking it acceptance criteria and also returning to markets from which it had previously withdrawn – of which the coach sector is a prime example.
In recent months NU has also expanded its appetite in the property owners’ sector to include European property; it has also making a push into the high net worth personal lines sector.
Other areas of development will include its micro and small business offerings, and specialist lines such as marine engineering.
Kitson claimed last week that these efforts were starting to show results, with the general insurance business seeing its volumes increase again despite competition and softening rates.
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