AXA Hong Kong and Macau (AXA) has partnered with Hong Kong Broadband Network (HKBN) to offer comprehensive home insurance protection to the latter’s users.
The collaboration integrates home insurance with broadband services.
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It aims to offer an all-in-one solution that includes dual guarantee for home broadband, network security, and asset protection.
According to a survey by HKBN, only 32% of respondents had home insurance coverage.
The survey highlighted a significant gap in home insurance adoption, with 36% of respondents citing low perceived risk as the main deterrent.
Misconceptions also play a role, with about a quarter of respondents incorrectly assuming that home insurance is only for protecting valuables.
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By GlobalDataMoreover, 26% of tenants believe they do not need insurance or that they are covered by the property owner’s policy, while 11% confuse home insurance with fire insurance.
AXA’s internal claims data for 2023 indicates that water damage is the most common home insurance claim, primarily due to pipe leaks or bursts and rainstorms.
These incidents account for over half of all claims, with the largest single payout exceeding HK$2m ($255,908.2) for damages including furniture and electrical appliances, alternative accommodation costs, and impact on neighbouring properties.
AXA Hong Kong and Macau chief general insurance officer Kenneth Lai said: “This collaboration brings together AXA’s expertise as a leading insurer in home insurance market and HKBN’s extensive customer reach to foster homeowner education about the importance of home insurance and effective risk management.
“This distribution collaboration will also introduce a comprehensive range of insurance products and services that seamlessly integrate with HKBN’s digital platforms and customer touchpoints, transforming the way insurance is sold and consumed in Hong Kong.”
Last week, AXA announced a collaboration with Prosper Health to enhance the “Healthcare and Wellness Ecosystem” in mainland China and Hong Kong.
This partnership aims to utilise Prosper Health’s medical network and services to improve cross-border medical services for AXA’s customers.
