Insurer rules out wider broker distribution in new market

Insurer rules out wider broker distribution in new market | Insurance Business

Insurer rules out wider broker distribution in new market
Zurich says it does not plan to enter the broader dealer house account market outside of its new arrangement with Toyota Financial Services Australia.

Earlier this week Insurance Business reported that Zurich had partnered up with Toyota Financial Services Australia to provide dealership insurance to Toyota dealerships, representing Zurich’s first foray into the dealer insurance market.

Steadfast CEO and managing director Robert Kelly asked, on the Insurance Business website, if the product will be offered via Zurich’s intermediary network and another reader left a similar comment.

Responding to the queries, Sean Walker, general manager, underwriting – corporate, said: "After being approached by a broker, Zurich Australian Insurance Limited has worked with Toyota Financial Services Australia for the provision of general insurance in relation to dealer house account risks within the Toyota dealer network. Zurich does not propose to enter the broader dealer house account market outside of this arrangement.”

However, he added: “Brokers representing eligible Toyota dealerships should discuss the suitability of the cover with their customer."

Aioi Nissay Dowa Insurance Company is included in the deal.