Zurich to refocus personal lines home and motor business
Zurich UK announced that it has reviewed its mass market home and motor strategy to simplify routes to market and focus on the areas where there are greater opportunities to grow.
As a result, Zurich is proposing to withdraw from the regional broker and national (panel) broker channels, while refocusing its personal lines home and motor business to concentrate on high-net-worth through Zurich Private Clients, alongside its MGA and partnership channels.
Under these proposals, Zurich would honor new business and renewal quotes already provided and continue to cover existing home and motor customers until the end of their policies.
Zurich started working with MGAs in 2020 and they remain “an important part of the business strategy.” Existing partners include; Sky, KGM, All Clear, Booking.com, Plum and Geo.
“The UK personal lines market continues to be intensely competitive, where scale and high capability investment are needed to succeed in this segment. We’re a minor player in the home and motor personal lines market, with a very small market share and relatively low level of premium. This makes us well positioned to re-focus our strategy to maximize the clear growth opportunity in the high-net-worth market, where we already hold strong relationships, whilst also building on our existing MGA and partnership relationships. Zurich remains one of the largest general insurers in the UK and we are unwavering in our wider commitment to SME, midmarket and commercial customers through our regional and strategic broker relationships, where we continue to invest.” – David Nichols, head of Retail at Zurich.