Typhoon Kompasu has repercussions on the stock market, as far as Paris. If the Hong Kong Stock Exchange kept its doors closed on Wednesday, by order of the authorities of the territory (who also took the decision to close the schools and the administrative services), the Cac 40 is, him, well open and, red lantern of the index, Axa fell by nearly 3%. The insurer increased its exposure to Hong Kong this summer by forging a partnership with the operator Hong Kong Broadband Network, to launch home insurance associated with a high-speed fiber optic service.
Axa then explained that “The protection offered by home insurance is often overlooked by Hong Kong people, according to a survey by Axa, which found that only around 40% of respondents [en] have subscribed [une]. »
Longest alert since 1978
In the same press release, we could also read that “Many people in Hong Kong may think that fire insurance or insurance provided by building owners corporations is already sufficient, but they don’t realize that most of these policies only cover building facades,” and not their content. […] According to Axa claims figures, 45% of the most common home insurance claims are related to water damage (leaks, typhoons, torrential rains, etc.), which are not covered by fire insurance or property insurance. “
For the second time in less than a week, the territory is plagued by a force 8 typhoon, accompanied by torrential rains. The large tropical cyclone Lionrock, which had alerted the authorities on Saturday, remained, for its epicenter, hundreds of kilometers south of Hong Kong. The alert lasted 22 hours, the longest since 1978.
Axa, engaged in a vast plan to sell non-strategic areas (Greece, Middle East, Singapore, Malaysia), confirms to us that Hong Kong is an important area of its activity, in terms of personal protection and health contracts in particular. The territory accounts for 400 to 500 million euros of operating profit out of a total of 6 billion.