To provide protection to HSBC customers based on its experience in offering cargo insurance in the Middle East
AXA Insurance Gulf and HSBC Bank Middle East have entered into a strategic marketing and distribution agreement wherein AXA will provide cargo insurance to HSBC Bank customers – reported AME Info.
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 is expected to provide protection to HSBC customers based on AXA’s experience in offering cargo insurance in the Middle East.
Toby Sizeland, chief officer, corporate solutions Marine & Large Risks, said: “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.”
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.”
Jean-Louis Laurent Josi, CEO-AXA Insurance Gulf, said: “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.”