Willis and Circle Asia Lauch Regional Art Insurance Facility
Asia will see its first insurance facility for art collectors and galleries through a collaboration between Willis and Circle Asia.
Willis – a subsidiary of insurance brokerage and risk advisory firm (WTW) Willis Tower Watson – has partnered with digital payment platform Circle Asia to form a new art insurance facility designed specifically for individual collectors and galleries in the region, according to a statement.
The facility is the «first of its kind in Asia», combining specialist arts insurance expertise from Willis and Circle’s digital platform. Key benefits include a lower minimum premium entry point, comprehensive coverage of assets including fine art, jewellery, home contents and building, bespoke terms and premiums, and end-to-end management by Willis’ Fine Art specialist team based in Hong Kong.
«Asia’s fine arts market continues to grow rapidly, with the increasing participation of young and affluent collectors, yet insurance solutions have not always kept pace. Clients now expect fast turnaround and efficient service on their coverage and handling of claims,» commented Fion Ko, associate director, fine art, jewellery and specie, Asia at Willis.
«Through this partnership with Circle Asia, clients will receive our tailored fine art risk expertise, along with professional advice on prevention and protection. Circle’s digital platform supports our team by improving efficiency, underwriting access and processing speed. These enhancements translate into a faster, more seamless experience for our clients.»
