WTW Business Willis has partnered with Circle Asia to launch a new art insurance facility designed specifically for individual collectors and art galleries in Asia, the first of its kind in the region.
The agency combines the specialized art insurance expertise of Willis and Circle’s digital platform to provide a seamless and cost-effective way to insure fine art, jewelry and coin collectibles.
This new facility provides collectors and galleries with a more convenient entry point, providing comprehensive fine art coverage through a single, streamlined solution.
It meets the changing needs of Asia’s expanding art market by significantly lowering the minimum value threshold or minimum premium commitment previously required for art insurance.
Fion Ko, associate director of fine art, jewelery and coins for Asia at Willis, said: “The Asian fine art market continues to grow rapidly with increasing participation from young and affluent collectors, but insurance solutions have not always kept pace. Customers now expect quick turnarounds and efficient service in terms of insurance coverage and claims handling.”
“By partnering with Circle Asia, clients will have access to our tailored fine art risk expertise, as well as specialist advice on prevention and protection. Circle’s digital platform supports our teams with improved efficiency, underwriting access and processing speed. These enhancements will result in a faster, more seamless experience for our clients.”
Key benefits of the facility include: low minimum premiums, a single comprehensive policy covering all assets (fine art, jewelry, homewares, personal collector buildings), customized terms and premiums, efficient end-to-end management by the Willis Fine Art team via the Circle digital platform, and best-in-class policy wording tailored to the needs of individual collectors.
Additionally, the new insurance facility is ideally suited to support one-off exhibition and one-off transport insurance, both of which benefit from comprehensive insurance provisions and quick turnaround.
Steve Hutchinson, head of corporate risk and broking at Willis Hong Kong, added: “Partnering with Circle Asia allows us to significantly reduce minimum premiums and simplify traditionally complex policy structures, while delivering high-quality, digital fine art solutions to our collector and gallery clients.
“By combining Willis’ specialized art insurance expertise with Circle Asia, this launch reinforces our commitment to developing innovative, client-focused insurance solutions and expanding our professional capabilities in Hong Kong, while supporting Circle Asia’s mission to modernize art insurance distribution through technology.”
Julie Quach, Joint Regional Director at Circle Asia Ltd, said: “This partnership demonstrates the strength of the complementary capabilities of both organizations. Our valuable collaboration with Willis builds on each other’s expertise, combining their deep knowledge of arts and specialty insurance with Circle Asia’s digital infrastructure and technology underwriting strengths.
“This new facility embodies our shared goal of supporting a growing market with solutions that enhance confidence, resilience and service quality for Asian collectors and galleries. Our collaboration aims to provide protection, insight and service excellence to the art community, and we are truly excited about the possibilities this strengthened partnership brings to the industry.”
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