Source: The Malaysian Reserve
A recent survey conducted by HKBN revealed that only 32% of respondents purchased home insurance. Respondents said the predominant reason for not purchasing coverage is a perceived low risk (36%). Digging into the other reasons, it is clear that misconceptions are prevalent. About a quarter of respondents mistakenly believe that home insurance is solely for the protection of valuable items, and 26% believe they don’t need to purchase it at all because they are tenants, or they assume the property owner’s insurance provides them protection. Furthermore, around 11% confuse home insurance with fire insurance.
Elinor Shiu, HKBN Co-Owner & Chief Executive Officer – Residential Solutions said, “With merely one-third of our customers having home insurance, there is a clear need to improve awareness around the importance of home protection and enhance understanding of its benefits to correct common misconceptions. As a company committed to ‘making our home a better place to live’, our collaboration with AXA enhances this vision. Initially, we will focus on home insurance, with plans to extend to other insurance offerings soon. This collaboration encapsulates the safety and security needs of our customers by extending protection from cybersecurity to home insurance, safeguarding customers both online and offline.”
Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong and Macau, 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.”
Read full article: https://themalaysianreserve.com/2024/05/06/hkbn-and-axa-team-up-to-offer-one-stop-home-protection/
