Willis has partnered with fine arts and events MGA Circle Asia to launch what the companies said is Asia’s first insurance facility dedicated to individual art collectors and galleries.
The new facility, announced in Hong Kong on 23 March, is designed to widen access to cover for fine art, jewellery and specie collections by lowering the minimum premium entry point. It also offers a single policy for individual collectors covering assets such as fine art, jewellery, home contents and buildings.
The companies said the product aims to address a gap in the market, where fine art insurance has often required minimum value thresholds or minimum premium commitments that can limit access for smaller collectors and galleries.
Willis said the facility will be managed end-to-end by its fine art team through Circle Asia’s digital platform, which is intended to speed up communication, underwriting access and turnaround times. The offering is also meant to support one-off exhibition and transit cover.
Fion Ko, associate director, fine art, jewellery and specie, Asia at Willis, said: “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.”
She added that the partnership would combine Willis’ fine art risk expertise with Circle Asia’s platform to improve efficiency and processing speed.
Steve Hutchinson, head of corporate risk & broking in Hong Kong at Willis, said the partnership would allow the broker to introduce “a significantly reduced minimum premium” while simplifying “traditionally complex policy structures”.
The launch adds to Willis’ specialty capabilities in Hong Kong, where its fine art team already serves museums, institutions, auction houses, art dealers, shippers and private collectors. Circle Asia said the collaboration also reflects growing demand for more tailored insurance solutions across Asia’s art market.
