Hiscox will be providing its underwriting expertise on the policy exclusively in Scotland. This marks the first time the high-end insurer has worked with the Aberdeen-based Scottish broker.
Central Insurance managing director, Iain Henry, commented that there are approximately 45,000 voluntary organisations throughout Scotland. Central and Chartis have identified the market’s need for this specific kind of product, Mr Henry added, and while the amount each individual charity spends on policies can be as little as £500 and as much as several thousand pounds, the market is set to yield in the multiple millions.
Hiscox head of specialty commercial and professions, John Heaney, also said that the insurer’s new product was designed specifically with charities in mind. The charities sector is already the home to approximately 30 clients for Central, which incluce Clan, a cancer support group, and Alcohol Focus.
The firm has decided to make charities its key focus, as it has decided to diversify away from its core gas and oil market in Aberdeen in order to branch out into sectors such as tourism, life sciences, and construction. The expansion of Central has already included a £1.2 million Glasgow office that opened 18 months ago.