High net worth, mass affluent markets rapidly growing in UK

Aviva relaunches HNW division in response

High net worth (more than 750,000 pounds in liquid assets) and mass affluent (more than 30,000 pounds in liquid assets) insurance markets are rapidly growing in the UK, and are set to include 29 percent of the that population by the end of 2017.

Read: How to get commercial business from HNW personal lines clients

In response, Aviva UK has relaunched its high net worth division at Aviva Private Clients.

“We’ll be using our underwriting tools as a guide and not a rulebook, and by doing so we’ll make it as easy as possible for brokers to do business with us,” says Aviva Private Clients managing director Adam Beckett.

New features on home insurance products include

  • No upper limits for sum insured
  • Warranty free, worldwide, all risks cover
  • Access to a dedicated claims adviser and specialist suppliers
  • Trace and access cover up to buildings sum insured
  • Commercial holiday lets in the UK and overseas
  • Cover for visitors’ belongings, business property, outdoor items and student belongings
  • Residential care and trauma covers
  • Home emergency service
  • Identity fraud protection and assistance service
  • Personal lawyer cover
  • Optional cover for small craft, travel and caravans

New features on auto insurance products will include all vehicle values, three-year new car replacement and full indemnity settlement.

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