Norwich Union (NU) has unveiled a new high net worth (HNW) product, Tapestry, the company's first new general insurance offering since last year's merger.

Tapestry, to be sold through brokers, is to be aimed at customers with household contents in excess of £75,000.

As well as home and contents cover, customers can opt to include travel assistance, plus cover for fine art and antiques, caravans and second homes in one single monthly package.

Market development manager Chris Elliott said: "CGU and Norwich Union has a presence in the HNW market before the merger and we are looking to move on from that and become a serious player."

NU's product will differ from those of market leaders Hiscox and Chubb because it provides cover for much lower sums insured.

Elliott said: "There are different views about where this market begins. Often people focus on the top end - people living in large country mansions with contents worth in excess of £200,000.

"We have done significant research among our intermediaries and we believe there are other customer groups who would welcome the opportunity to have wider cover and access to a range of support services, which would not be found in standard home policies."

NU is the third insurer to launch a new HNW product in the last few weeks. Groupama and Zurich recently announced plans to enter the market, after major player Independent collapsed and Cox left the market.

Figures from market analyst Datamonitor show the number of affluent people is growing, as is their personal wealth.