Alpha Underwriting and Building Block PCC Ltd, the Malta insurer, have teamed up again to offer caravan insurance to the UK broking market and direct to consumers. The move follows the announcement earlier this year that Alpha and BBI had signed a partnership deal to distribute a new pet insurance product.
Paul Brierley, Building Block CEO, said BBI will provide capacity to underwrite touring caravan insurance for the broker market, through its partnership with Alpha.
“We intend to deliver a disciplined and structured book of business. Policies will initially be sold to brokers, as well as accommodating scheme business for brokers who want to transfer existing books, or have plans to launch a caravan schemes product.”
The Alpha team will report to Mark Allen, Alpha Managing Director, who said: “The product will give UK and temporary overseas cover, with maximum liability limits of £2m”.
Mark said distribution will be initially via broker panels and networks. The UK caravan industry generates £250m insurance GWP annually and it is a growing market. Touring caravan production rose by 2% between 2014 and 2015 with a total of 19,491 produced in the UK Market. 106,689 used touring caravans were sold in the UK in 2014. Sales from static caravan and parkhome manufacturers were up 6% in 2015 with sales to UK holiday parks up more than 9%.
The industry contributes more than £6 billion per annum to the UK economy and employs about 130,000 people, including part time and seasonal staff. Over £1.8bn was spent on caravan holidays in Britain in 2013.