Commercial property owners book doubles in two years
Intermediary-only insurer MMA Insurance has announced a series of enhancements to its property owners’ product portfolio. The company said the move was part of its strategy to grow its residential and commercial landlords business.
MMA has seen written premium income for Residential Property Owners grow by a third in the last two years, whilst the Commercial Property Owners product has seen a doubling of premium income over the same period. The property owners’ portfolio now represents around 13% of MMA’s overall commercial book of business.
Commenting on the success of MMA’s property owners business, Ian Page, Commercial Underwriting Manager at MMA, said: “This growth is evidence not just of an increased demand from intermediaries for landlord protection products but also our growing underwriting capability and knowledge in this market.
“Further growth in these classes, which we hope will be achieved in no small part by these product enhancements, is directly in line with MMA’s ongoing strategy to increase our commercial and property based business.”
The new Residential Property Owners product, which provides cover for residential property owners with portfolios of private houses or flats, will now include Accidental Damage and Malicious Damage by tenants options. MMA has also increased the unoccupancy period from 30 days to 60 days and increased loss of rent from 20% to 33%.
MMA’s Commercial Property Owners product provides cover for premises let to a wide range of commercial enterprises, shops, offices, warehouses and manufacturers. The enhanced product benefits from an increased limit for the owners contents together with the automatic inclusion of day one average, replacement locks and glass cover.
