Markel UK, which integrates insurance for SMEs with tax and legal services offered through sub-brands Markel Law and Markel Tax, has increased the income threshold at which organisations may access its charities and community groups product via its eTrade facility - from £1 million to £2 million.
The income threshold expansion aims to support Markel UK’s ambitious growth targets in the sector and help customers and brokers seeking to place business despite challenging market conditions.
Wendy Cotton, technical line manager at Markel UK, said the move was a response to broker feedback as many markets have been drying up or imposing unsustainable price and cover restrictions for charities and community groups’ products.
“Brokers have been asking for an electronically traded option for charities and community groups with an income between £1 million and £2 million. We’ve taken this on board and increased the threshold of the existing product to accommodate their needs,” Cotton said. “The facility means trading with Markel will be faster and more efficient for brokers who can quote, bind, and have policy documents issued straight from the platform in less than 15 minutes.”
However, charities above the £2 million threshold have more complex requirements with larger organisations benefitting from an advice-led sale.
“Over 5,000 charities in England have an income of between £1 million and £5 million, and an average income of £2 million, so thousands of charities and community groups will benefit from this change,” Cotton said, noting that Markel underwriters are ready to fully support brokers where necessary.
