In a historic milestone for the insurance industry, an individual client of HSBC Life in Hong Kong has secured the world’s most valuable life insurance policy, valued at an astounding $250 million (£197 million). This whole-of-life protection policy stands as a testament to the growing demand for innovative insurance solutions tailored to address the evolving needs of high-net-worth individuals.
The monumental policy, shrouded in anonymity to protect the privacy of the insured, represents a significant investment in safeguarding wealth for future generations of the insured’s family. Upon the insured’s demise, the policy will provide an unprecedented payout to the designated beneficiary, ensuring the preservation and transfer of wealth for generations to come.
Edward Moncreiffe, the CEO of HSBC Life Hong Kong and Macau, emphasized the pivotal role of Asia in driving the surge in demand for high-value insurance solutions. With Asia witnessing a remarkable rise in its ultra-high-net-worth population, there has been a corresponding surge in the need for comprehensive insurance strategies tailored to address complex financial planning objectives. Moncreiffe highlighted the policy’s role in facilitating business succession, estate management, and legacy planning, underscoring Hong Kong’s stature as a premier destination for wealth management and international insurance services.
The issuance of this groundbreaking policy marks a significant milestone in Hong Kong’s ascent as a global insurance hub, reaffirming its reputation as a preferred destination for discerning investors seeking sophisticated financial solutions. As the insurance landscape continues to evolve, HSBC Life remains at the forefront of innovation, catering to the diverse needs of its clientele with unparalleled expertise and bespoke solutions.
This historic achievement eclipses the previous record set in 2014, when a $201-million policy was facilitated by the esteemed advisory firm SG, LLC (USA). Prior to that, the record stood at a $100-million policy sold in 1990 by Peter Rosengard, a renowned figure in Britain’s life insurance sector, reflecting the enduring legacy of groundbreaking insurance solutions that transcend borders and redefine industry standards.
