HSBC Life’s Post

🎉 Congratulating a Monumental Milestone in Wealth Management 🎉 I would love to congratulate the HSBC team on a new Guinness World Record for the most valuable life insurance policy ever sold, at a staggering US$250 million, issued by HSBC Life in Hong Kong. This landmark accomplishment is more than just a number. It symbolizes the pinnacle of trust and excellence in wealth management, business succession, estate management, and legacy planning for ultra-high-net-worth individuals. As the ultra-high-net-worth population in Asia continues to soar, the demand for sophisticated insurance solutions to safeguard the future generations grows alongside. Edward Moncreiffe, CEO of HSBC Life, Hong Kong and Macau, highlights, “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.” As we reflect on this milestone, let's acknowledge the profound impact of such achievements on the industry's evolution. The past 12 months have seen HSBC Life issue 10 other policies valued at US$50 million or higher, demonstrating a strong market presence and a commitment to meeting the sophisticated needs of HNW clients. This record is a testament to the depth of talent in Hong Kong's life insurance market, the robust competition among banks, brokers, and insurers, and the strength of our regulatory regime. Here's to many more records and milestones ahead. Read their press release here: https://lnkd.in/eRdJ_Pxj #HSBCLife #WorldRecord #WealthManagement #LegacyPlanning #HNW #InsuranceInnovation

Revealing its financials for the third quarter of 2023, Manulife Hong Kong and Macau reported significant growth in its #insurance operations, with annualised premium equivalent (#APE) sales and core earnings witnessing an uptick by 57% and 50%, respectively, achieving HK$1.64 billion (US$210 million) and HK$1.49 billion. #HongKong #LifeInsurance #HealthInsurance #Agents #Advisors

When Life Was Greater For about a decade, we have travelled alongside the GEH's journey through significant events such as the implementation of RBC2 (see note), the COVID-19 pandemic, and most recently, the Ukraine war. We waited for the situation to stabilize before urging GEH to address some misalignment issues this year. We aim to resolve the misalignment through our resolutions, particularly since GEH had no such issues in the past. Instead of exercising corporate leadership as the controlling shareholders to address the matter, OCBC decided to proceed with a low valuation offer. We are surprised and disappointed by this approach. Given OCBC's long history and reputation, we had expected higher standards in the spirit of good corporate governance. We believe OCBC could have treat us, its partners in insurance business, better. Note: #1. "In 2004". The "2004 offer" keep getting into my mind. #2. RBC 2: Risk based capital 2. In 2012 MAS reviewed the Risk Based Capital framework for Sg insurance companies after GFC2009 to strengthen the Sg insurance industry against shocks. The process took 8 years and was finally completed in 2020. https://lnkd.in/g2sTPa2U Sources: GEH AR2003, GEH AR2023

“Insurance is a very specific market. It’s innovative yet reserved, and we needed a specialized partner to help us very clearly spot what’s happening with both the market and the competition.” ☀️ With Valona as their intelligence solution, HSBC Assurances Vie: 👉🏼 Has an automated distribution of key insights to different teams in newsletters and alerts that share tailored, relevant information with different stakeholders. 👉🏼Can closely monitor and keep ahead of the competition, including tracking return rates, product launches, and other strategic market developments. 👉🏼Can set their seasonal return rates on time, thanks to timely competitor tracking. Valona has become a key decision-making tool for HSBC Assurances Vie. Read more: https://lnkd.in/d4p96EtU

 Old Mutual and Absa Bank Launch Comprehensive Insurance for SMEs Small and medium-sized enterprises (SMEs) are the backbone of any economy, but they often face significant risks that can impact their operations and profitability. To address this, Old Mutual and Absa Bank have collaborated to introduce a comprehensive insurance solution tailored to the unique needs of SMEs. This innovative product provides a range of benefits, including business asset protection, liability coverage, and employee accident insurance. By mitigating these risks, SMEs can focus on growth, innovation, and job creation, ultimately contributing to the economic development of the region. #SMEInsurance #RiskManagement #OldMutual #AbsaBank -read more- -link in comments-

Hong Kong's revamped investment-migration program is proving fruitful for insurers like Prudential Hong Kong, prompting plans to expand their product offerings for affluent individuals utilizing the scheme. Alongside peers such as Manulife and AIA, Prudential plc has seen a surge in interest in investment products from potential clients under the revamped Capital Investment Entrant Scheme (CIES). This initiative allows wealthy individuals and their families to fast-track residency by investing a minimum of HK$30 million (US$3.8 million) in various financial instruments and non-residential properties in Hong Kong. The increased interest from mainland Chinese visitors in insurance policies in Hong Kong, totaling HK$59 billion last year, highlights a significant market segment, constituting about 33% of all industry sales, according to data from the Insurance Authority. Lawrence Lam, CEO of Prudential Hong Kong, noted substantial inquiries regarding insurance policies linked to the CIES since its launch on March 1, indicating the interest of high-net-worth individuals in leveraging investment-linked policies to facilitate relocation to Hong Kong with their families. #Growth #Wealth #NextGen #RealEstate #Insurance #CIES I South China Morning Post SCMP I Enoch Yiu I Invest Hong Kong i Brand Hong Kong

Have you been confused about ICBC's 'No Fault' system?⁠ 🚗⁠ ⁠ On May 1, 2021, ICBC introduced a new insurance model known as "enhanced care," essentially adopting a 'no-fault' system. In this updated approach, individuals involved in car accidents in British Columbia can no longer sue the crown corporation, regardless of fault, for damages resulting from injuries sustained. ⁠ ⁠ Unlike the previous system, the severity of injuries no longer impacts one's ability to file a lawsuit. This model, which has been successfully in use in other provinces for years, was implemented by ICBC due to the high number of small-claim payouts, which led to the necessity of increasing insurance premiums.⁠ ⁠ What do you think about the 'No Fault' system? Comment below! 👇⁠

Out now, the annual GTR+ Insurance publication gives us the opportunity to delver deeper into the world of #trade #credit and #political risk #insurance. Key stories featured in this year’s GTR+ Insurance publication include: » Asia’s trade credit insurance sector gears up for tough times » Stuck in the middle: the growing legal threat to brokers » Will insurers support Ukraine’s Marshall Plan? » GTR’s insurance leaders Q&A Don’t miss the chance to receive your GTR+ Insurance 2023 issue in print or digital. Start a free GTR trial or become a GTR subscriber and receive access to the full publication on launch. For more information and to set-up your subscription plan, contact our team at subscriptions@gtreview.com. #GTR #Publications #TradeFinance #CreditRisk #Insurance https://lnkd.in/erJJMTsu