AXA Partners with Hong Kong Broadband Network to Offer Homeowners Insurance

June 22, 2021

The kit also has a home network security solution and smart home solutions, the insurer and broadband provider said in a joint media statement.

The importance of home insurance protection is often overlooked by Hong Kong people, according to an AXA survey, which found that only around 40% of respondents have bought homeowners insurance.

In Hong Kong, many people may think that fire insurance or insurance provided by the building owners’ corporations is already sufficient, but they fail to realize that most of these policies only cover building facades, not contents, said the companies in a statement. And they don’t cover losses resulting from household accidents, such as burst water pipes. A burst water pipe could mean damage to neighbors, leading to huge compensation demands—equivalent to multiple times of an individual’s monthly salary, they added.

According to AXA’s claim figures, 45% of the most common home insurance claims are related to water damage (leaks, typhoons and rainstorms etc.), which are not covered by fire insurance or insurance provided by the property.

The complimentary AXA home insurance in the HKBN “All-in-One-Kit” offers households of eligible customers up to HK$500,000 ($64,395) annual coverage of their home contents (roughly $64,000) and up to HK$10 million annual third-party liability coverage (about $1.3 million). Customers who sign up or renew designated home broadband services can enjoy up to 24-month complimentary home insurance (subject to applicable terms and conditions).

Also in the kit, HKBN’s network security solution provides enterprise-level security, parental controls, and online personal identity protection to customers.

In addition, smart home solutions allow customers to easily add additional motion sensors, smart door cameras and other IoT devices, offering customers a convenient way to manage and protect their virtual and physical properties.

Source: AXA Hong Kong and Macau, Hong Kong Broadband Network Ltd.

This article first was published in Insurance Journal’s sister publication, Carrier Management.

Topics Mergers Homeowners AXA XL

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