Axa XL has retained the top spot-on Advisen's Pacesetter Index, recognition of product innovation in the property and casualty insurance industry.

This is the third consecutive year the company has achieved the prominent position, having introduced 19 new or enhanced property, casualty, professional and speciality insurance coverages or risk management services in 2018.

Greg Hendrick, chief executive officer of Axa XL was proud of the achievement.

“Now as part of the Axa group, we're eager to keep our innovation momentum going,” he said. “From developing new coverages through providing risk management guidance to digitising the insurance experience for our clients, our attention to innovation is all driven by our intention to increase the value that we bring to our trading partners every day.”

Advisen, a leading provider of data, media, and technology solutions for the commercial property and casualty insurance market, issues its Pacesetter Index annually. The index ranks insurers' innovation advancements based on their new or enhanced product announcements.

Some of Axa XL's new products and developments in 2018 included: cyberinsurance for small and mid-size businesses on Slice ICS, stand-alone workboat insurance in North America and specialised insurance solutions for the media and entertainment industry, among other things.