Covéa Insurance launches new Real Estate product

13th January

Covéa Insurance has confirmed it is experiencing a significant upturn in property owners business following the release of a new real estate product. Trading of the Covéa Insurance Real Estate product began in November last year with selected brokers, but from January 2015 it will be available to all Covéa Insurance partner brokers.

The move demonstrates the company’s increased appetite for property owners risks and builds on the strong commercial property base it has established over many years. The new real estate product will be traded through the company’s nine regional trading bases and supported by a specialist in-house commercial claims team that was awarded accreditation by the Institute of Customer Service last year.

Chris Withers, Coveá Insurance Head of Commercial Distribution took on the role of Real Estate Leader last year to drive the project with the objective of creating a viable new real estate proposition and delivering it to market. He explains the rationale behind his approach:

“Many of our recent successes have come from developing bespoke solutions for large clients. We wanted to capitalise on this and create a competitive product for brokers operating in this market that truly responds to the needs of commercial property owners. Our Real Estate product targets property owners with commercial or residential tenants. Reactions from brokers to our wording, pricing and cover have been very favourable and give some indication of the strength of our experience in this market. We also offer property investors the added financial security often required by lenders thanks to our financial strength which has recently been upgraded by Standard & Poor’s to ‘A’ Positive as a guaranteed subsidiary of Covéa.”

As well as offering the product to all partner brokers, Covéa Insurance Real Estate is being traded with a number of specialist real estate brokers.

 

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About Covéa Insurance

Covea Insurance plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France, generating over 16.9 billion Euros in premiums in 2018.  

Covéa Insurance looks after the insurance needs of over 1.5 million policyholders; delivering financial reassurance through its Standard & Poor’s A+ stable rating, as a guaranteed subsidiary of Covéa.  It has Gold Investors in People accreditation and has been named one of the top 75 employers in West Yorkshire & the Humber.

The company offers motor, household, protection, pet, mid and high net worth insurance and a range of commercial insurance products, through a range of distribution channels. Employing over 1800 people, Covéa Insurance has a strong people and service ethos, having Investors In People Gold accreditation and is signatory to the HM Treasury Women In Finance Charter. It also has World Class service accreditation from the Institute of Customer Service for its Motor Claims, Home Claims and Underwriting Services teams as well as Chartered Insurer status for its Commercial and Mid/High Net Worth business.

In 2018, Covéa Insurance were recipients of the Personal Lines Insurer of the Year award at both the British Insurance Awards and the Insurance Times Awards and was the top rated insurer in the Insurance Times Broker Service Survey for both Personal and Commercial Lines.

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