AXA Hong Kong and HSBC jointly launch ResidenceSurance

  • Custom-made plans
    meeting the specific needs of homeowners, landlords and tenants
  • Protection of your rental income and personal
    belongings taken out of home
  • Comprehensive protection for as low as the
    cost of two coffees each month�

HONG KONG SAR -�Media OutReach�- 4 November 2020 -�Property prices
in Hong Kong top the world with many purchases worth over HKD10 million. Yet
despite spending most of their savings on property, a survey has found that many
Hongkongers may have put their most valuable assets at risk by underestimating
the importance of home insurance. AXA Hong Kong recently conducted an online
survey wherein 1,032 Hong Kong residents (aged 18 or above) took part. It
revealed while the average value of the respondents' home contents ranges from HKD250,000
to HKD800,000, only 43% claimed that they would buy home insurance, and
one-third of them had never even considered such a need.

At AXA Hong Kong and HSBC,
we are committed to raising the awareness of the importance of home insurance
in protecting property among Hongkongers and we understand that homeowners,
landlords and tenants all have different needs. To meet these needs, a new home
insurance plan ResidenceSurance was launched to provide six plan options with
tailor-made protection to ensure all customers are well looked after. Taking
into consideration the common claim cases, ResidenceSurance boosts home
contents coverage up to HKD2 million and personal liability up to HKD20
million. It also provides a 24-hour home assistance service hotline for
cashless emergency inspection service.

complements your fire insurance while protecting your personal assets inside
and outside of your home

According to the survey,
over half of the respondents thought fire insurance was equivalent to home
insurance, and nearly 70% misunderstood that home insurance only covered the
contents at home. In fact, fire insurance covers only building structures such
as walls, windows, ceiling, floor and pipes. With ResidenceSurance, you can
protect household contents on the premise, such as furniture, electrical
appliances as well as personal belongings such as jewellery and laptop computers
even when you take them outside of your home. Having both types of insurance in
place is therefore critical to ensure a comprehensive coverage.

For landlords --
protection of your rental income, with coverage encompassing fixtures and
fittings installed by property developer or previous property owner

Rental loss is what every landlord wants
to avoid. Yet the survey found that landlords may not be aware of how they can
protect themselves as nearly 80% of the respondents did not know home insurance
could cover rent arrears. ResidenceSurance protects your rental income by
providing coverage for loss of rent up to HKD75,000 if the premises are
uninhabitable because of accidental loss of or damage to household contents
(not including valuables, personal computers and personal effects), or for
rental default up to HKD25,000 per month if your tenant fails to pay the
outstanding rent under the tenancy agreement within 1 month after a court
judgment is obtained.

ResidenceSurance also covers the furniture,
electrical appliances and the fixtures and fittings installed by the landlord,
property developer or previous property owner in the rental unit. The liability
coverage includes bodily injury or property damage to third party arising from
the rental property.

For tenants -- protection of your home
contents when lost or damaged

The survey found that
tenants were even less aware of the protection a home insurance can offer. The
average value of home contents in a rented home is almost HKD250,000; and as a
tenant, one may also be liable for damages to the landlord's possessions - especially
any fixtures and fittings - which can be relatively costly. Yet only 14% of the
surveyed tenants have purchased home insurance, while less than 40% are aware
of this need. ResidenceSurance can offer protection for valuable items such as laptop
computers, game consoles, luxury bags and watches, and even the landlord's
fixtures and settings in case of loss or damage.

Coming to the rescue -- a
24-hour cashless emergency inspection service

The survey revealed that
over 70% of the respondents experienced the need for emergency household
support themselves or have heard about such a need from their friends and
families in the past 12 months. ResidenceSurance offers a 24-hour hotline for
emergency support, making professional on-site assistance just a phone call
away. Inspection of locks, plumbing and electricity can now be done in a
cashless manner, freeing customers from the hassle of making claims.

Comprehensive protection
for as low as the cost of two coffees each month

premium of ResidenceSurance is based on the size of the home. For a unit of 375
sq.ft or below, the monthly premium can be as low as HKD60 for owners
(self-occupiers) and tenants, and HKD47 for�

Lai - P&C Distribution Director of AXA Hong Kong and Macau,
said, "Having a safe and comfortable home is important to many people. With working
from home becoming a new norm under the pandemic, people tend to spend more
time at home, giving our home the right protection is even more important. We
will continue to educate the public on the importance of home insurance, and we
are very pleased to offer customer-centric home insurance solutions like
ResidenceSurance with HSBC to help customers better protect themselves and
their valuables."

Keanu Liu, Head of General Insurance and Strategic Partnership Business, HSBC Insurance (Asia) Limited, said, "At HSBC, we aim to offer customers peace of mind by safeguarding
their property including their precious home and valuables contained therein at
all times. With this in mind, we are pleased to collaborate with our general
insurance partner AXA Hong Kong to strengthen the protection for our home by
providing them with more comprehensive home insurance coverage, no matter they
are homeowners, tenants or landlords. The ResidenceSurance plan comes with
great flexibility and market leading features at an affordable level to cater
to the diverse needs of their individual home identity. This is part of HSBC's
ongoing effort to help customers look after their overall wellbeing and stay
protected in the current difficult times."�

To learn more about the ResidenceSurance,
please visit:

The above information is for
reference only. For details on the product features, content, terms and
exclusions, please refer to the product brochure.

About AXA Hong Kong and Macau

AXA Hong Kong and Macau,
a member of the AXA Group, prides itself on serving over 1.5 million
customers[1] with our superior products and services. AXA is the top-tier
life insurer in Hong Kong with the longest history[2] and is ranked No. 2 in
insurance - life, health (stock) category worldwide[3]. In addition to being
the No. 1 global Property & Casualty commercial lines insurer[4], we are
the No. 1 most considered insurance brand in Hong Kong[5]. We are also one of
the largest health protection providers in Hong Kong and Macau.

AXA is one of the most
diversified insurers, providing a full range of coverage for individual and
commercial customers. We offer all-round, integrated solutions across Life,
Health and Property & Casualty to address all of our customers' insurance

As an innovative insurer,
we leverage Big Data and AI to transform the customer experience end-to-end,
making insurance simpler and more personal. We continue to drive innovation
notably in health and protection, supporting customers in prevention,
treatment and recovery.

We also believe it is our
inherent responsibility to support the communities in which we operate. AXA
Foundation is our flagship corporate social responsibility programme covering
all our efforts in promoting holistic wellbeing and supporting the
underprivileged to create a positive and lasting impact in the communities of
Hong Kong and Macau.

[1] Including customers of AXA China Region Insurance
Company Limited, AXA China Region Insurance Company (Bermuda) Limited
(incorporated in Bermuda with limited liability), and AXA General Insurance
Hong Kong Limited

[2] Top tier insurers are defined based on the annualised
premiums of Individual Direct New Business (Classes A to F) of Statistics on
Hong Kong Long Term Insurance Business published by the Insurance Authority

[3] 2020 Fortune Global 500

[4] AXA Corporate Solutions,
AXA Matrix Risk Consultants, AXA Insurance Company, and AXA Art with AXA XL's
insurance and reinsurance operations combined�

AXA Hong Kong Brand Preference Tracking Report 2019


The Hongkong and Shanghai Banking Corporation Limited

Hongkong and Shanghai Banking Corporation Limited is the founding member of the
HSBC Group. HSBC serves customers worldwide from offices in 64 countries and
territories in its geographical regions: Europe, Asia, North America, Latin
America, and Middle East and North Africa. With assets of $2,956bn at 30
September 2020, HSBC is one of the world's largest banking and financial
services organisations.


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