We’ve set a new Guinness World Record for the most valuable life insurance policy ever sold, worth US$250 million.
Issued and fully underwritten by HSBC Life, our insurance business in Hong Kong, it was taken out by an individual customer earlier this year.
The plan, a whole-of-life protection policy, will pay out US$250 million to the insured person’s named beneficiary after their death.
It includes features aimed at protecting the individual’s wealth for future generations of the family.
Edward Moncreiffe, CEO, HSBC Life, Hong Kong and Macau, said: “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.”
“Asia is home to the fastest growing ultra-high-net-worth population in the world”
In the past 12 months, HSBC Life has issued 10 other life insurance policies valued at US$50 million or higher to individual customers.
“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,” added Edward Moncreiffe.
“As the market-leading insurer in Hong Kong, HSBC Life is well-positioned to capture its fair share of the demand and we will continue to invest in our people, products and services in this segment accordingly.”
The previous Guinness World Record, for a US$201 million life insurance policy, was certified in California, in the US, in 2014.
