US insurtech Trov last week introduced the UK’s first “on-demand” insurance, with products underwritten by Axa.

The Trov app allows consumers to list items on its cloud-based inventory and purchase individual covers.

In May Australia became Trov’s test market, with the backing of Suncorp, which holds a $US5 million ($6.56 million) equity stake in the start-up.

It currently insures common electronic products but expects to soon add categories such as musical instruments, appliances and sports equipment.

Axa Insurance MD Gareth Howell says the UK partnership is about adapting to consumers’ increasing appetite for on-demand services.

“Axa identified a clear opportunity for a simple, hassle-free and cost-effective insurance solution for consumers who want to insure specific items… without being tied to traditional types of insurance policies, and our partnership with Trov allows us to fulfil that need,” he said.

Trov founder and CEO Scott Walchek says the move “marks an exciting step for the UK insurance industry”.

The app is available for free on iOS devices in the UK, with Android devices to follow.