Zurich is the latest insurer planning to launch a mid net worth cover. The move follows Fortis and Norwich Union who have both expressed an interest in the mid net worth sector.
Zurich said its cover, Home Solutions Advantage, will be targeted at customers who have home contents worth between £50,000 and £125,000. It is transacted on a full-cycle EDI basis.
Martin Hall, head of personal lines underwriting at Zurich, said the mid net worth sector was growing: "We recognise there are more and more people in the UK who are now moving into the mid net worth bracket and we have responded to this shift by launching this new product," he said.
"This is not a commoditised market," he said. "The key here is to identify the correct customers and have the confidence to sell the product."
The policy will offer worldwide cover for contents and accidental damage. In addition, clients will be given 'days of grace' for adding valuable items to the policy.