Latent Defects
Opportunities
The Latent Defects market can be broken down into four key segments. These segments all have different characteristics and offer opportunities for selling Latent Defects instance.
Financial Institutions
Profile
Pensions, insurance companies, institutional investors.
Segment Characteristics
Many will have in-house expertise and resources to handle insurance, some however will pass business onto brokers.
Opportunities
Ongoing service levels and risk management advice are as important as insurance cost.
Property Company
Profile
Quoted property owners, private company property owners.
Segment Characteristics
Larger property-owning companies may have their own in-house expertise for managing their insurance needs, although many use brokers as will the small to medium sized property companies.
Opportunities
Opportunity to provide advice to this sector and sell the benefits of the cover.
Speculative Property Developers
Profile
Housebuilders, property developers.
Segment Characteristics
These companies will try to anticipate demand across different sectors of the property market and aim to produce buildings that are pre-let and fully occupied immediately after completion.
Opportunities
Provide good opportunities due to the number of transactions that they complete.
Investors
Profile
Can be a type of property owner.
Segment Characteristics
Investors in property will also try to anticipate demand in order to maximise return.
Opportunities
As with speculators, can generate a large number of enquires due to the number of investments that they make.
If you would like to know more about how we can help or have any opportunities to explore, speak to your Norwich Union Account Manager or contact us directly.
