AXA XL Cyber Insurance Target Market Statement

This document is a Target Market Statement for AXA XL's Cyber Insurance product, detailing the identified target market and distribution strategy. It explains the product's suitability for businesses with a turnover of up to £20 million that utilize digital technology and handle sensitive data. The document specifies that the product is not appropriate for customers who do not engage in online activities or store sensitive information. It outlines the customer needs met by the product, including protection against financial impacts from cyber risks such as hacker attacks and ransomware. Key characteristics of the product are listed, including coverage for multimedia internet liability and emergency response costs, along with notable exclusions. The document also describes the recommended distribution method, emphasizing the necessity of guidance from insurance intermediaries to ensure fair value for customers. Additionally, it mentions the product governance process established by AXA XL to ensure compliance with FCA regulations.