(Hong Kong – 6 May 2024) Hong Kong Broadband Network Limited (HKBN) and AXA Hong Kong and Macau (AXA) are pleased to announce a strategic collaboration to provide one-stop home insurance protection to HKBN customers. With an aim of providing all-in-one “peace of mind” coverage for households, customers can enjoy comprehensive home protection, including home broadband with Dual Guarantee, home network security and home asset protection when purchasing home broadband service, HKBN’s alliance with AXA integrates home insurance with home broadband service.

A recent survey¹conducted 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-third¹ 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.”

According to AXA's internal claims statistics for 2023, water damage emerged as the most commonly claimed incident for home insurance. These damages were predominantly caused by pipe leaks or bursts and rainstorms, accounting for over 50% of all claims. The highest claim paid out exceeded HK$2,000,000, covering damages to furniture and electrical appliances, the cost of alternative accommodation, and even damage caused to neighboring properties.

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.”

Earn HK$150 HKBN Account Rewards

To celebrate the new collaboration, from now until 31 May 2024, HKBN customers who successfully purchase a home insurance plan with monthly or annual payment can enjoy $150 HKBN Account Rewards². HKBN customers can visit HKBN website for more details about the offerings.

Photo caption: HKBN and AXA team up to launch one-stop home protection to customers, which will include home broadband with Dual Guarantee, home network security and home asset protection. (From left): Elinor Shiu, HKBN Co-Owner & Chief Executive Officer – Residential Solutions and Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong and Macau.

^{1 HKBN conducted an online survey in March 2024, sampling over 20,000 customers to gather insights about Hong Kong consumers’ attitudes and needs about home insurance protection.}

^{2Subject to terms and conditions and the fulfilment of related criteria of various rewards. For details, please visit https://www.hkbn.net/personal/insurance/en/}