AXA XL Target Market Statement for Commercial Auto Insurance

This document is a Target Market Statement for AXA XL's Commercial Auto insurance product. It outlines the identified target market and the expected distribution strategy for the product. The statement specifies that the product is primarily designed for single truck owners and commercial trucking companies, while it is not suitable for individuals or SMEs using vehicles mainly for transporting people, such as taxis. The product indemnifies against direct and accidental loss or damage to automobiles during the insurance period. The document also addresses customer vulnerabilities, particularly the financial strain some customers may face due to the pandemic. Key value elements of the product are detailed, including coverage for loss or damage from fire, theft, collision, and other specified events, as well as typical exclusions. Additionally, it describes the distribution method via coverholders and emphasizes the importance of ensuring fair value for customers. The governance process for product oversight and annual reviews is also mentioned.