Olympics Sports Boom Could Mean Brits Are Under-insured, Warns AXA

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The ‘Olympics effect’ could mean that Brits’ homes and car boots are filled with hundreds of pounds of extra sporting equipment that is not insured.

AXA Insurance
Take sensible precautions, such as locking bikes and sports equipment away out of sight. On the move, it’s sensible to always keep a sports bag or indeed any bag locked away in the boot, and do not leave anything of value in it overnight.

As one in ten say they are inspired by the London Olympics to take up a new sport, and with more than a third (36 per cent) buying new kit, a third of Brits are forgetting to check these often costly items are covered in the event of loss or damage.

In the survey of 2,000 Brits (1), one in eight say the contents of their sports bag is worth £100 to £200, and one in five leave their bag in the car – yet just six in ten of AXA policyholders have taken out personal possessions insurance to cover equipment outside the home.

James Barclay, head of underwriting at AXA home insurance, said: “We’d urge people to check their possessions are covered both at home and on the move, or the excitement of taking up a new sport may turn in to a costly exercise. A pair of trainers alone is expensive enough to replace, without factoring in the cost of specialist kit and equipment.

“Take sensible precautions, such as locking bikes and sports equipment away out of sight. On the move, it’s sensible to always keep a sports bag or indeed any bag locked away in the boot, and do not leave anything of value in it overnight.”    

The survey found that archery is the most popular Olympic sport people would like to try (19 per cent), closely followed by mountain biking, running, and badminton at 16 per cent.

About the survey:

(1)The survey was carried out by OnePoll on 20 March 2012 among 2,000 adults who take part in a sporting activity monthly.

About AXA:

AXA is one of the largest general insurers in the UK and underwrites a broad range of products for individuals and businesses. AXA Direct Insurance offers car, home and travel insurance through its website http://www.axainsurance.com and is designed to make buying insurance fast, secure, convenient and easy-to-use.

AXA UK is a part of the AXA Group. The AXA Group is a worldwide leader in insurance and asset management serving 101 million clients. It is ranked the largest insurer in the world by net written premium and the top insurance brand globally.

In the UK AXA operates through a number of business units including: AXA Wealth; AXA Commercial Lines, AXA Personal Lines, AXA PPP healthcare, AXA Ireland and an independent distribution business Bluefin. AXA employs over 13,000 staff in the UK.

For full year 2011, IFRS revenues amounted to Euro 86.1 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,079 billion in assets under management as of December 31, 2011.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

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Helene Barnes/Lisa Church