Virgin Money is confident of cracking the $6.1 billion home insurance market, according to new MD David Curneen.

The company will soon begin selling home and contents cover, following the successful launch of travel insurance last year.

Mr Curneen says Virgin Money has doubled its insurance book – comprising car, life, income protection and travel cover – over the past 12 months, reaching $20 million in gross written premium (GWP).

Overall, the company has raised earnings by 40% and acquired 60,000 customers across insurance, superannuation, home loans and credit cards.

Mr Curneen hopes customers will use Virgin Money as a one-stop shop.

“We want to have a full suite of financial services products, which is quite unusual in the industry.

“Virgin Money as a whole has significant plans for growth across our entire product suite, including the launch of transaction accounts and home loans.”

The company will exclude flood cover from its home and contents policies, Mr Curneen says.

“Most people looking for home and contents don’t have a strong need for flood cover,” he said.

“By removing flood, it makes a significant difference on premiums.”

Mr Curneen hopes to maintain growth in the insurance arm, but admits doubling GWP again is an ambitious target.

“But we have seen some significant growth in our car insurance book, largely off the back of advertising for our card products.

“Travel insurance has also significantly outperformed our expectations. We hit our full-year targets in the first three months of last year.”

Mr Curneen was appointed MD last month after serving in an acting capacity from February last year. Previous MD Matt Baxby left to become Group Executive Retail and Online Banking with the Bank of Queensland.