AXA Hong Kong and HSBC jointly launch ResidenceSurance

HONG KONG,Nov. 5,2020 -- 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.

ResidenceSurance 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

The 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 landlords.Kenneth 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 Insuranceand Strategic Partnership Business,HSBC Insurance (Asia) Limited,"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:

www.hsbc.com.hk/insurance/products/home/homesurance/The above information is for reference only. For details on the product features,content,terms and exclusions,please refer to the product brochure.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 needs.

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

[5] AXA Hong Kong Brand Preference Tracking Report 2019

THIS PRESS RELEASE IS AVAILABLE ON AXA'S WEBSITE: AXA.COM.HK

The Hongkong and Shanghai Banking Corporation Limited

The 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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