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New venture to cover watches, handbags at point of sale 

A start-up is offering insurance for so-called lifestyle purchases such as high-end handbags, custom skis, watches and fishing rods.

Peachii is an authorised representative of Asia Mideast Insurance and Reinsurance and holds a binding authority from Pacific International Insurance to issue policies on its behalf.

It says its products are aimed at consumers who want peace of mind, especially Gen Z and Millennials.

“Lifestyle assets not normally covered by traditional insurance can include anything from a high-end handbag, a fishing reel, or a set of custom skis. They are expensive items that enable our Gen Z and Millennial customers to live life on their terms with the backing of insurance,” CEO and co-founder Katherine Clayton said.

Peachii works with selected retailers to offer shoppers insurance at the point of sale online, and expects to launch in-store services soon. Big purchases are covered for events such as theft, irreparable damage and loss, with options for different levels of protection.

The start-up partnered with Alf the Label, a leather goods business owned by Peachii co-founder and Chief Brand Officer Sophie Doyle, at its launch last week.

Ms Doyle says that in running her retail business, she noticed a trend of customers returning to repurchase items that were damaged or stolen and not protected by typical cover such as motor, home or personal insurance.

“These cherished items deserve to be protected and we believe Peachii marks a turning point for changing younger consumers’ perception of insurance and how it can protect their assets,” she said.

Peachii’s policies include seven days’ free cover as well as transit insurance. Customers can upgrade to a paid 12-month policy at the end of the free period.