The move is part of “an ongoing review of strategy” following the sale of specialist student insurance broker Endsleigh in January 2018
Zurich has “temporarily withdrawn” from writing direct home insurance business as it looks to review its product offerings following the sale of Endsleigh to A-Plan in January 2018.
A statement on the insurer’s website reads: “Zurich is not currently offering new quotes or policies for Home Insurance. If you have an existing quote, you can still retrieve this and purchase Home Insurance before December 29th 2018.”
Customers with policies coming up for renewal have also been contacted via letter to inform them that their policy will not be renewed as “your current home insurance product is no longer being offered by Zurich”, with call centre staff also phoning policyholders to offer to pass their details on to Endsleigh in order to receive a new quote.
A Zurich spokesperson told Insurance Times: “Rather than make incremental changes to the product we have made the positive step to give ourselves the breathing space to take stock and really address what our customers require, not only now, but for many years in to the future. This was an active and positive decision on our part – we are looking forward, towards a more innovative and connected future.
“These changes will have no impact on any Zurich employees, indeed, the team now has the capacity to explore all the options available to create a truly innovative and future proof direct home proposition.”
The spokesperson reiterated that the insurer was still committed to the home insurance market, but would give no details on when to expect a new direct product to come to market.
“We are still very much committed to the home market and you can still buy our products through an intermediary,” they said. “However, following the sale of Endsleigh earlier last year it was clear that we had a platform change requirement so wanted to take the time to fully address this for our direct home proposition.
“Therefore, as part of an ongoing review of strategy to both improve our current and future capability Zurich has temporarily withdrawn its direct home insurance product for new customers and renewing customers.”