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American Focus > Blog > Economy > Top Hong Kong insurer HSBC Life targets Asia’s rich, Greater Bay Area retirees for growth
Economy

Top Hong Kong insurer HSBC Life targets Asia’s rich, Greater Bay Area retirees for growth

Last updated: September 2, 2024 2:57 am
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Top Hong Kong insurer HSBC Life targets Asia’s rich, Greater Bay Area retirees for growth
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HSBC Life, Hong Kong’s largest insurer by sales, is strategically targeting high-net-worth clients in Asia and the Greater Bay Area for future growth, according to Edward Moncreiffe, CEO of global insurance at HSBC. In an exclusive interview with the Post, Moncreiffe highlighted Asia as a region with significant wealth creation potential but low levels of social insurance coverage.

Moncreiffe emphasized the importance of key growth areas such as Hong Kong, Singapore, mainland China, and India. With approximately 90% of growth coming from Asia, HSBC Life plans to focus its investments in this region. Moncreiffe, who took over as CEO in April, has a strong background in the insurance industry, previously serving as the Hong Kong and Macau CEO of HSBC Life.

One of the recent milestones for HSBC Life was the sale of a record-breaking US$250 million insurance policy earlier this year. This transaction contributed to a 77% increase in the group’s new insurance value, reaching US$1.3 billion in the first half of the year. Moncreiffe anticipates that the demand for such large policies, particularly for estate planning purposes, will continue to grow among wealthy individuals.

Highlighting the importance of high-net-worth clients, Moncreiffe stated that transferring businesses and wealth to the next generation is a key focus for many first-generation entrepreneurs in Asia. HSBC Life has issued 15 policies with a sum insured exceeding US$50 million since 2023 in Hong Kong and Singapore, positioning the company as a leader in this space.

In addition to catering to high-net-worth individuals, HSBC Life is capitalizing on the surge in life insurance sales in Hong Kong, which rose by 12% in the first half of the year to a record high. Moncreiffe expects that falling interest rates will drive demand for insurance saving products as people seek higher returns amidst lower deposit rates.

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Furthermore, the growing number of Hongkongers residing in the Greater Bay Area presents an opportunity for HSBC Life to provide life, retirement, and medical plans to retirees in the region. Moncreiffe also noted a trend towards multicurrency savings plans among customers in Hong Kong, reflecting the city’s international nature and the diverse financial needs of policyholders.

With customers from 49 different markets purchasing products from HSBC Life in the past year, Moncreiffe emphasized the importance of offering international products and services in a global financial hub like Hong Kong. The company’s focus on high-net-worth clients, innovative product offerings, and strategic market expansion positions HSBC Life for continued growth and success in the insurance industry.

TAGGED:AreaAsiasBayGreaterGrowthHongHSBCinsurerKongLiferetireesrichtargetsTop
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