HONG KONG SAR - Media OutReach^[1] - 21 June 2021 - The importance of home insurance protection is often overlooked by Hong Kong people, according to a survey by AXA Hong Kong and Macau^[2] ("AXA"), which found that only around 40% of respondents have purchased insurance for their homes. Always looking to diversify its offerings, Hong Kong Broadband Network Limited ("HKBN") has teamed up with AXA to launch complimentary home insurance, bundled conveniently with fibre broadband service, network security and a smart home kit, to offer the most comprehensive home protection solution combo for customers.

HKBN and AXA team up to launch Hong Kong's first-ever fibre broadband service combo with home insurance, network security and smart home kit, a comprehensive home solution for residential customers.

In Hong Kong, many people may think that fire insurance or insurance provided by the building owners' corporations is already sufficient, but in fact most of these only cover the facade of buildings. Home insurance, on the other hand, provides protection of contents within the home and covers losses resulting from household accidents. For example, a burst waterpipe in the household that causes damage to elevators or neighbours may lead to a demand for a huge amount of compensation equivalent to multiple times of an individual's monthly salary. According to AXA's claim figures, 45% of the most common home insurance claims are related to water damage (leaks, typhoons and rainstorms etc.), which are not covered by fire insurance or insurance provided by the property. As such, home insurance is essential for comprehensive protection.

The newly launched "All-in-one Home Kit" combines fibre broadband, home network security solution, smart home solutions and home insurance, to give customers comprehensive network security and home property protection. HKBN's network security solution provides enterprise-level security, parental controls, and online personal identity protection to customers; while its smart home solutions allow customers to easily add additional motion sensors, smart door cameras and other IoT devices, offering customers a convenient way to manage and protect their virtual and physical properties. The complimentary home insurance*under this cooperation with AXA offers households of eligible customers up to HKD500,000 annual coverage of their home contents and up to HKD10 million annual third-party liability coverage to protect their residence. Customers who sign up or renew designated home broadband services can enjoy up to 24-month complimentary home insurance* (worth around HKD1,720). To sign up or learn more, please visit https://www.hkbn.net/personal/broadband/en/^[3].

Elinor Shiu, HKBN Co-Owner and CEO – Residential Solutions said, "We're thrilled to partner with AXA to further enhance our range of Infinite-play service offerings for residential customers. By bundling home insurance with our home broadband, cybersecurity and smart home solutions, we're offering comprehensive home security protection solution for our 1 million Hong Kong household customers. Our collaboration with AXA, who is also a HKBN Enterprise Solutions customer, highlights our efforts in elevating our customer relationships into partnerships to create more win-win-win opportunities."

Kenneth Lai, P&C Distribution Director, AXA Hong Kong and Macau said, "As the largest general insurer in Hong Kong, AXA has always been a strong advocate of customer centricity and innovation. We are very pleased to partner with HKBN to launch the city's first service combo of fibre broadband, home insurance, network security and smart home kit, to provide customers with comprehensive home protection that caters for their household needs. AXA will continue to launch quality products and diversify our distribution channels, making protection easily accessible to customers."

*Terms and conditions apply.

References

1. ^{^} Media OutReach (www.media-outreach.com)
2. ^{^} AXA Hong Kong and Macau (www.axa.com.hk)
3. ^{^} https://www.hkbn.net/personal/broadband/en/ (www.hkbn.net)