HSBC, the global banking giant, has clinched a new Guinness World Record with the sale of the most valuable life insurance policy in history, valued at a staggering $250m.
Issued and fully underwritten by HSBC Life, the firm’s insurance arm based in Hong Kong, this monumental policy underscores HSBC’s prowess in the insurance sector and its ability to cater to the evolving needs of affluent individuals.
Structured as a whole-of-life protection plan, the policy promises to pay out a substantial $250 million to the named beneficiary of the insured individual upon their demise. With features meticulously crafted to safeguard the insured’s wealth for future generations, this policy stands as a testament to HSBC’s commitment to providing comprehensive and tailored insurance solutions.
Edward Moncreiffe, CEO of HSBC Life in Hong Kong and Macau, enthused, “Asia is home to the fastest growing ultra-high-net-worth population in the world, and as such we are seeing a substantial increase in demand for insurance solutions to address business succession, estate management and legacy planning needs.
“The issuance of these high-value life insurance policies reaffirms Hong Kong’s position as both a preferred destination for wealth management and a leading international insurance hub.”
In the past year alone, HSBC Life has issued an impressive ten life insurance policies valued at $50m or higher to individual clients, reflecting the company’s strong foothold in the high-value insurance market.
Moncreiffe further highlighted Hong Kong’s thriving life insurance market, explaining, “The Hong Kong life insurance market has deep talent pools across intermediaries, underwriters and actuaries, strong competition amongst international banks, brokers and insurers, well capitalised insurance companies with strong credit ratings and a sound regulatory regime.
“As the market-leading insurer in Hong Kong, HSBC Life is well-positioned to capture its fair share of the demand,” added Moncreiffe. “We will continue to invest in our people, products, and services in this segment accordingly.”
In 2014, the previous Guinness World Record was set for a life insurance policy valued at $201m, certified in California, United States.
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