Target Market Statement for AXA XL Insurance Products

This document is a target market statement for AXA XL Insurance Company UK Limited, outlining the identified target market and distribution strategy for its insurance products. It specifically describes the Contractors All Risks (CAR) insurance product, which is designed for contractors and developers in the UK and Ireland, particularly within the construction industry. The document clarifies the intended audience for the product and specifies who it is not appropriate for, such as customers seeking coverage for isolated projects or those outside the specified geographic area. It details the coverage provided by the CAR policy, including physical loss or damage to property on contract sites, and highlights key exclusions and limitations. Additionally, the document discusses the distribution methods for the product and emphasizes the importance of ensuring fair value for customers, particularly in light of potential vulnerabilities due to financial strain. It also outlines the governance process for product assessment and the need for ongoing reviews to ensure suitability for the target market.