Consumer Duty

The FCA’s Consumer Duty sets higher and clearer expectations of consumer protection across financial services, including the parties involved in manufacturing and distributing insurance product and services. The rules apply to all parties in the distribution chain and cover all customers, except for contracts of large risks sold to commercial customers and reinsurance.

Consumer Duty is aligned with our culture and our strategy to focus on embedding a client first mindset. As product manufacturers we expect our partners writing on our behalf to also have a client first mindset and to support and enable AXA XL to comply with Consumer Duty in every aspect of the customer journey and product lifecycle.

Please refer to our Coverholder Handbook which details the Implementation of Consumer Duty requirements for AXA XL.

In addition to this we have also worked to put together a ‘What Good Looks Like’ document which outlines the requirements we need our Coverholders, Brokers and Third Party Administrators (TPA) to comply with to provide good customer outcomes at every stage of the customer and product lifecycle.

Product Fair Value Assessment & Target Market Statement

AXA XL has established a product governance process to oversee the design, approval and review the fair value of all our products in line with the requirements of the FCA’s Product Intervention and Product Governance Sourcebook (PROD) rules.

The purpose of this document is to provide distributors with the outcome of the 2025 Annual Product Review and Fair Value Assessment of AXA XL products that we have determined to be in scope of the FCA Product Governance Review.

On conducting your own review as a distributor, where issues are identified that are not highlighted within our review, please contact us so we can consider the impact on the product in our capacity as carrier.

Annual Product Review and Fair Value Assessment: Outcomes Overview

Contact Us

For more information on any of the topics in this document, please contact, Consumerduty@axaxl.com.

Accident and Health

Aircrew Loss of Licence (TMS & FVA Summary)
GP Locum (TMS & FVA Summary)
Group Personal Accident & Business Travel (TMS & FVA Summary)
Mobility Health (IPMI) (TMS & FVA Summary)
Pre-Existing Medical Conditions Travel Insurance (TMS & FVA Summary)
TTD/PTD Loss of Income Insurance (TMS & FVA Summary)

Aerospace

Airside Liability (TMS & FVA Summary)

Angel Risk Management

Please note, Angel Risk Management Products are distributed exclusively through Angel Risk Management and are distinct from other products sharing similar names in the rest of this list.

Cargo (TMS & FVA Summary)
Cyber (TMS & FVA Summary)
Directors and Officers (TMS & FVA Summary)
JCT Clause 21.1.1 Insurance (TMS & FVA Summary)
Professional Liability (Non-Office Package) (TMS & FVA Summary)
Professional Liability (Office Package) (TMS & FVA Summary)
Sports and Leisure (TMS & FVA Summary)
Unoccupied Property (TMS & FVA Summary)