Spanish-owned household insurer Ocaso is piloting a new buildings and contents policy in the Isle of Wight for the 50-plus age group.

The insurer is currently testing reactions to the dual product scheme, which is being marketed by a broker partner.

Ocaso said that so far it had received a positive response on the island and had plans to extend the scheme throughout its UK broker network.

The household insurer is offering brokers that accept a new agency from it a relatively high commission rate of 25%.

Graham Kitteridge, general manager at Ocaso, said: “This policy is very much in line with our aims of building our high quality service to brokers and of increasing our company product range, standing and reputation.”

Kitteridge added that Ocaso had wanted to target the over-50s market for some time because of its status as a low-risk group.

Ocaso also provides cover for tenanted and unoccupied properties and for UK and Spanish holiday homes.