Allianz Insurance is gearing up to expand its footprint in the green goods sector as part of an aggressive drive to grow its schemes business.
The insurer is in discussions with both manufacturers and retailers of equipment, such as solar panels and domestic wind turbines, about distributing its insurance products.
The products, which include extended warranty, breakdown and accidental damage cover, could eventually be sold through retail branches of Homebase and B&Q.
Andrew Cackett, of Allianz schemes, told Insurance Times: “One part of the business we are looking to develop is around green goods.
“Domestic wind turbines and solar panels are the sort of things that people are increasingly becoming interested in at the moment.
“They are installing them in their homes as the cost of energy rises and people become more and more aware of the environment and climate change.
“It is an area that we believe will take off.”
The move into the “green goods” sector is part of Allianz’s plans to grow its schemes business by around £5m in the next 12 months.
Cackett added: “The growth of Allianz’s schemes portfolio will come through a mixture of continuing to do business with the people that have traditionally provided products like extended warranty, and also keeping an eye on emerging technology trends and what new risks come out of that.
“We are looking to do new types of arrangements with new types of customers.”