AXA Insurance announces strategic distribution agreement with HSBC for cargo insurance product

Following this agreement HSBC will promote and distribute a cargo insurance product branded 'Cargo Safe', underwritten by AXA, to their customers at competitive terms. 'Cargo Safe' provides protection to HSBC customers based on AXA's leading position and extensive experience in offering cargo insurance in the Middle East.

'Cargo Safe' provides security and risk management to companies for their cargo movements globally. On top of that, with AXA's worldwide network, online access and competitive pricing, HSBC will benefit from the high quality cover, superior services, and unique risk management support that made from AXA a leader in cargo insurance in the Middle East.

This partnership will broaden HSBC's product portfolio and will cover GCC countries, Lebanon and Jordan. Customers opting for 'Cargo Safe' cover will avail themselves of the worldwide network spanning 90 countries, expertise of AXA and HSBC's customer relationship prowess, market penetration and local know-how.

Toby Sizeland, Chief Officer Corporate Solutions Marine & Large Risks said:

"The need to offer enhanced services and scope of cover is essential for businesses in the region whose purchasing needs are becoming more sophisticated. Customers can reap benefits for their business through enhanced protection of their cargoes, improved administration, and increased competitiveness resulting in greater profitability."

David Hunt, Head of Insurance for the Middle East, HSBC said, "In these challenging times, HSBC has demonstrated its strength and commitment to the trading community in the region by helping them secure finance, mitigate risks and grow their business. With this agreement, we will now be in a unique position to be a one-stop shop for our customers' trade finance needs. Small and Medium business can specially benefit from the convenience and accessibility of this product through their local HSBC bank."

Commenting on the tie-up Jean-Louis Laurent Josi, CEO-AXA Insurance Gulf said, "We are delighted to partner with such a prominent bank. Given HSBC and AXA's global and local strengths and both companies' commitment to provide the best quality of service for the customers, this was a natural choice for both parties. I am convinced the customers will benefit from the ease of having the opportunity to finance their trade business and cover the associated risks though one point of contact."