Plum Underwriting reveals sales growth

Plum Underwriting this morning said sales have increased 54% in the last year.

Plum has also more than doubled its agency base since announcing aggressive growth plans a year ago.

The non-standard household insurance specialist said it expects a similar level of sales growth in the next 12 months.

Plum director David Whitaker said: "The growth in demand for our specialist products Flex, Elite and HomeWorks, highlights the need of brokers for non-standard solutions.

"We are delighted with the growth achieved to date but as the appetite of mainstream insurers continues to shrink there is a much wider market waiting to be served."

He added: "As insurers focus on less complex standard risks, tightening risk acceptance criteria and underwriting parameters to chase volumes of 'clean' risks, so an insurance underclass is emerging."

Plum said it is looking to hire new underwriters to meet demand and, following close consultation with brokers, is planning a number of new product launches throughout the remainder of 2011.