HSBC and AXA Gulf Sign Exclusive Agreement

Friday, Jan 27, 2017

Dubai:

HSBC Bank Middle East said it has signed an exclusive agreement with AXA Gulf to distribute AXA’s General Insurance products in the Gulf region, starting in the United Arab Emirates, with other Middle East markets to be considered in the future.

The agreement marks the coming together of two global leaders in their respective fields, and extends HSBC’s global relationship with AXA. This partnership covers AXA’s General Insurance retail product lines, allowing HSBC retail customers access to motor, home & contents, travel, and personal accident insurance products. Customers will be able to subscribe to these services from February 2017.

The agreement will help to improve access to insurance products across the Middle East region, where some countries are reported to have the lowest insurance penetration rates in the world.

“This partnership is another important step in our customer centric strategy at HSBC. Since we are committed to helping people meet their life goals, part of this is to ensure we are also supporting them to protect these ambitions. Through this new set of comprehensive General Insurance solutions, our customers will have peace of mind across a range of their insurance needs,” Gifford Nakajima, HSBC’s Head of Wealth Development, Retail Banking and Wealth Management, for Middle East and North Africa said in a statement.

“We are proud to partner with HSBC, an organization we can closely identify with due to the similar ambition we share. At AXA, we always put the customer at the centre of the business and consistently invest in our offerings to ensure we meet their needs,” Cedric Charpentier, AXA Gulf CEO, said.

Siddesh Suresh Mayenkar