French insurance company, Europ Assistance, has acquired AXA Partners’ assistance businesses in the APAC region, inclusive of Malaysia, Thailand, Japan, Hong Kong and Taiwan.
Since 2019, Europ Assistance, historically present in China, India and French Pacific territories, has opened offices in Thailand, Malaysia and Singapore, and has acquired the Australian and Middle Eastern subsidiaries of Mapfre Assistencia.
“Europ Assistance enjoys leadership positions in Europe, Latam and North America. With this acquisition, coming on top of several other recent investments, we are accelerating our efforts to also reach a leadership position in the region, and further strengthen our global, multiline and multichannel positioning,” commented Antoine Parisi, CEO of Europ Assistance Group.
“The acquisition of AXA Partners entities will allow us to strengthen our footprint in Thailand and Malaysia, to enter Hong Kong and Taiwan and re-enter Japan. In all these countries, we will be able to offer a complete range of assistance services to local clients, and to develop our global travel insurance activity with both Asian partners and global partners willing to expand in Asia,” said Pascal Baumgarten, CEO of Mobility & International at Europ Assistance Group.
Philippe Demangeat, CEO of Europ Assistance Southeast Asia said that after opening an office in Bangkok in 2020 and in Kuala Lumpur and Singapore in 2021, this acquisition acts as an opportunity for the company to accelerate its ambition to become a leading provider of assistance services in Southeast Asia. It stands to do so "through a multichannel platform that leverages digital technology to deliver a wide range of innovative solutions."
Earlier in May, AXA Hong Kong & Macau and online booking platform Klook extended their strategic partnership to launch a rental car insurance plan, catering to customers' increasing demand for more comprehensive rental car protection in response to the global travel rebound. Also known as "Klook Rental Car Protection", the insurance plan is exclusively offered to Klook's customers travelling abroad.
In addition to the rental car excess coverage and personal accident protection, the policy also covers the replacement cost for the loss of travel documents in the rental car, the loss of rental fees due to the loss of travel documents and/or international driving licenses, the parking fees and rental car replacement fees due to traffic accidents, non-refundable rental car fees incurred due to flight delays or cancellations, as well as automatic extension of period of car rental insurance.
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