Target Market Statement: AXA XL The purpose of this document is to explain the identified target market and the expected distribution strategy for each insurance product manufactured by AXA XL. Specifically, it provides information on a product category level about the main features and optional covers associated with each product and clarifies who our products are designed for and who they are not appropriate for. This Target Market Statement also explains the way our products should be distributed and provides information around the complexity of our products and how to ensure that a product provides fair value to our customers as intended. Product Name: Contingency Cancellation and Abandonment Product Type:
Commercial Lines general insurance product suitable for small and medium sized businesses, clubs, groups or individuals.
Who is the product designed for?
Customers organising/ hosting events
Who is the product not appropriate for?
Events outside the UK and/or events with over 5,000 attendees Ascertained net loss should any insured event(s) be cancelled, abandoned, postponed, interrupted, curtailed or relocated.
What customer need is met by this product?
Target market – are there any specific characteristics, including, customer vulnerability, that you should be aware of?
Individuals or companies under financial strain.
What are the key value elements/ characteristics of the product that are important for the target market (including notable exclusions)?
The product covers the ascertained net loss should any insured event(s) be cancelled, abandoned, postponed, interrupted, curtailed or relocated, which cancellation, abandonment, interruption, curtailment or relocation is the sole and direct result of a cause not otherwise excluded which occurs during the period of insurance and is beyond control of both the participant and the customer. Exclusions:
AXA XL Insurance Company UK Limited 20 Gracechurch Street, London, EC3V 0BG, United Kingdom Telephone: +44 (0)20 7626 0486 Fax: +44 (0)20 7623 9101 axaxl.com Registered office: 20 Gracechurch Street, London, EC3V 0BG Registered in England No 5328622 AXA XL Insurance Company UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
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