The Post Office has drawn up ambitious plans to grow its share of the competitive home and motor insurance market.

In the next five years the company hopes to grow its share of the home insurance market by around 2% while also tripling its share of the car insurance market to 6%.

The Post Office said it would achieve its growth targets by cross selling services. It cited high policy retention levels and public trust in the Post Office, which it said, would help the operation to compete with more established players in the home and motor markets.

Patrick Waldon, chief executive of Post Office Financial Services, commented: “We are already the largest provider of travel insurance in the UK and also one of the fastest growing insurers, having sold around 525,000 home and motor policies within the last 2½ years.”