AXA XL Target Market Statement for Homeowners Insurance

This document is a Target Market Statement for AXA XL's Homeowners Insurance product. It outlines the identified target market and expected distribution strategy for the insurance product. The document specifies that the product is designed for private individuals and not appropriate for commercial customers. It details the customer need met by the product, which is to provide insurance protection for physical damage to property and contents. The statement also highlights specific characteristics of the target market, noting that customers may be under financial strain due to the pandemic. Furthermore, it lists key value elements and characteristics of the product, including various property and liability coverages, as well as notable exclusions and policy limitations. The distribution method is through coverholders, and it provides guidance on ensuring fair value for customers. Additionally, it describes the product governance process in compliance with FCA regulations, emphasizing the importance of regular reviews and feedback from distributors.