Italian insurer Generali has launched a new business unit that will insure art pieces, jewellery, and other valuables.

Dubbed Arte Generali, the new unit will also provide art collectors assistance in restoring, preserving and transporting such possessions.

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Arte Generali is headquartered in the German city of Munich and will be led by Generali Deutschland CEO Giovanni Liverani.

Generali Group CEO Philippe Donnet said: “I am very glad to announce the launch of Arte Generali, a milestone in the execution of Generali 2021.

“With Arte Generali, we start a new chapter in Generali’s history within the insurance industry.

“Furthermore, Arte Generali resonates strongly with Generali’s expertise, legacy and DNA as it can build on the Group’s leadership in terms of technical insurance performance and on its tradition as a patron to the arts and the culture.”

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Generali said that it has entered the art insurance segment to support its growth and expand its value proposition to customers.

According to the company, the global art value will jump over 20% from 2017 to 2022. Over the same period, global art insurance revenue is expected to increase by 6% annually and will touch $2.3bn.

Liverani said: “Arte Generali will complement Generali’s offering across all geographies and provide innovative solutions and service to meet the highest expectations while tapping into a growing market.”