PriyaPatel
TLDR:
HSBC Life in Hong Kong has set a Guinness World Record with the sale of a US$250 million life insurance policy to an ultra-high-net-worth individual from Asia. The policy surpasses a previous record held by a tech billionaire in California. This sale highlights Hong Kong’s rise as a leading ultra-high-net-worth insurance market in Asia and the world.
Key Points:
- HSBC Life in Hong Kong sets a Guinness World Record with a US$250 million life insurance policy sale.
- The policy was sold to an ultra-high-net-worth individual from Asia and is for estate planning purposes.
- Hong Kong’s insurance market is growing, driven by buyers from mainland China, and the city is becoming a hub for high-net-worth insurance.
Full Article:
Hong Kong’s insurance market has made history as HSBC Life in Hong Kong sold a record-breaking US$250 million life insurance policy to an ultra-high-net-worth individual from Asia. This sale, which has been certified by Guinness World Records, surpasses a previous US$201 million policy bought by a tech billionaire in California. This achievement highlights Hong Kong’s emergence as a leading ultra-high-net-worth insurance market in Asia and the world.
Edward Moncreiffe, CEO for Hong Kong and Macau at HSBC Life, stated that the purpose of the policy is for estate planning. The sale showcases Hong Kong’s capacity to issue mega-sized policies and attract high-net-worth customers. Furthermore, HSBC Life has sold 10 other policies of US$50 million or more in the past year, indicating a rising demand for large insurance policies in Asia, particularly for succession planning.
The overall insurance market in Hong Kong has been growing, driven by buyers from mainland China. The city saw a significant increase in insurance purchases by mainland tourists, with the government’s promotional efforts contributing to greater awareness about Hong Kong’s insurance industry globally. Moncreiffe emphasized the importance of continuing to leverage Hong Kong’s competitive advantages to maintain its position as a leader in the high-net-worth insurance sector.
