www.bahrainthismonth.com January 2014 133 Absolute Protection AXA INSURANCE Insurance provides an essential element of security which safeguards you against the unknown. It will meet your liability when you can’t afford to pay for unforeseen circumstances such as a car accident, the medical costs of a serious illness or theft. For most people, insurance is a complex world and their knowledge is restricted to motor insurance, which is mandatory, and their medical insurance, which is often funded by their employer. “The insurance sector is set to undergo a tremendous shift in the Middle East,” says Stephen Wagstaff, AXA Insurance country manager for Bahrain. “As people become more aware of the value of comprehensive insurance, this sector is likely to gain traction.” Motor cover Motor insurance is the most competitive sector owing to the fact that it’s mandatory across the GCC. “Customers are very demanding at the time of the purchase and pricing remains a crucial factor,” says Stephen. “At AXA, we monitor and segment our pricing carefully in the most profitable areas. We don’t see why careless drivers should pay the same premium as good drivers, and hope the market will mature quickly in this field.” Customers are increasing looking for added value covers such as priority repair service and service guarantees, but only AXA provides these. Stay safe Home insurance has low penetration because the market either does not understand the benefits or is too lazy to purchase it. “I think it’s vital to understand that the landlord’s insurance does not cover you or your home contents,” Stephen points out. “Contents insurance covers things such as the furniture and/or electrical equipment and accessories such as curtains, carpets and garden implements.” AXA Home Insurance covers not only the contents in the home but also provides you a personal liability protection. The insurance covers eventualities such as burst pipes, water leaks, fire, theft, storm, riot and strikes. With AXA, you could get a comprehensive Home Insurance policy that costs less than 10 fils per day. Health insurance Health insurance is now the fastest growing line of business for AXA as people are shielding themselves from the rising cost of health care treatments as well as looking for trustworthy insurers with a reliable service. “Most countries in the Middle East and North Africa make employers liable for injuries and illnesses in the workplace but not all require mandatory insurance when there is no social insurance mechanism in place,” Stephen advises. “The introduction of such a requirement would both substantially increase protection and generate a social good.” A joint programme by the industry and the government to educate the public about the role of insurance will generate greater trust in the sector, he feels. Travel smart Travel insurance is growing aggressively within personal insurance segment, given the high volume of travel happening in the region, both in the leisure as well as business markets. “As with other forms of coverage, our customers are increasingly showing a preference for buying their insurance online,” says Stephen. E Call 8000 1060 or visit www.axa-gulf.com. Buying insurance is no longer a matter of privilege. Protect yourself and your family with the complete range of personal insurance offerings from this insurance company.
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