Lucas Langer’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

Life Insurance Premium Financing Targetted by Hong Kong Regulators Rising interest rates are finally starting to catch up with HNW clients in universal life insurance paid for with bank financing. The Insurance Authority (IA) in Hong Kong says it's closely watching the impact of rising interest rates on the life insurance market, with a particular focus on premium financing. "Premium financing can be tempting when interest rates are low, but as rates rise, the risks can outweigh the potential benefits," says Marty Lui of the IA. "Increased borrowing costs combined with potentially lower policy returns create a precarious situation." Premium financing sales slowed significantly last year, but consumer complaints are on the rise. Hong Kong's premium financing market faces a shift as rising interest rates strain existing policies. The regulatory focus suggests tighter control and a need for alternative insurance solutions like multi-paying premiums need to be considered. #lifeinsurance #financialadvisers #hongkong #premiumfinancing #interestrates #capitalforlife https://lnkd.in/eZfHQxfp

More exciting things to come from this fast-growing, dynamic business focused on meeting the underserved needs of today’s societies and the next generations… #hsbclife #healthiswealth #wealthishealth

With the ongoing rise in living costs, consumers in Hong Kong are prioritizing value for money, especially when buying an insurance policy. They want to feel protected and reassured, while also expecting hassle-free renewals and claims. Explore why a robust payment strategy is critical to gaining and retaining customers in Hong Kong as an insurer: https://lnkd.in/g6ZkxSMG #insurance #insurtech #insurer

【Are virtual insurance companies reliable?】 Full Article: https://lnkd.in/gA2PSUHq I recently shared four concerns raised by the Insurance Authority regarding the takeover of Tahoe Life Insurance, one of which is the stability of virtual insurance companies. Currently, Hong Kong has five virtual insurance companies, the longest-established having been in operation for only six years. Recently, rumours have emerged about one of the companies planning to sell its business, underscoring the potential risks of insuring with virtual insurers. With this concern, I will explain in detail in my column in the Hong Kong Economic Journal! #HongKongEconomicJournal #HKEJ #AssetInheritance #WealthManagement #AssetManagement #FinancialPlanning #InvestmentStrategy #RiskManagement #FinancialFreedom #insurance #finance #WealthManagementManager #AIA #AIAHK #WaveChow #InsuranceAuthority #VirtualInsurance

 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-

“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

Insurance intermediary businesses in Australia are strategically positioned to leverage recent growth and fortify their foundations for future success, according to the 2024 Insurance Benchmarking Report from Macquarie Business Banking.

For those who may wonder why we have a global insurance business within HSBC under our HSBC Wealth and Personal Banking family, here’s an explainer provided by Edward Moncreiffe, our CEO for Global Insurance. Even if you already know HSBC Life well, I’m sure there will be something new for you. #TotalWealthManagement #LifeInsurance #HealthAndWellness #Protection #LegacyPlanning