Insurer's 506 policy to be placed into run off from next year.
Hiscox has announced it will place its mid-net worth household cover, 506, into run-off from the start of next year.
In a statement the insurer said the move, part of attempts to segment its Art and Private Client offering, was the result of increased volumes of business being transacted online.
Available through brokers, 506 is designed for clients with contents and fine art valued between £50,000 and £150,000.
In a related move, the insurer said that its flagship high net worth policy, 606, will offer family protection providing cover in the event of kidnap and ransom, assault and carjacking as standard.
The limits of the policy have also been increased, including the single article limit for fine art and jewellery.
Hiscox said that putting the 506 policy into run off would enable its underwriters to concentrate on the “key broker segment” covered by its 606 policy, allowing it to devote "more resources to brokers by focusing on their most important clients who benefit from high touch underwriting expertise."
Austyn Tusler, head of art and private client division at Hiscox UK, said: “We believe clients and brokers will benefit from our increased focus on underwriting our 606 portfolio business.
"Fine art and motor are also a key area of growth. Concentrating our underwriters on this business and moving them away from the 506 business, allows for a more focused business model that we believe will work well for all involved.
“If you think to five years ago and the amount of items you bought or researched online, it’s not surprising that for a low-interest purchase like mid net worth insurance products, online is a very important route to offer to consumers."
