HSBC Life, Hong Kong’s largest insurance coverage firm by gross sales, sights high-net-worth prospects in Asia and the Greater Bay Area as a necessary motorist of improvement for the direct future, in line with Edward Moncreiffe, chief government officer of worldwide insurance coverage protection at HSBC.
“Asia is where we see the highest levels of wealth creation; Asia is also where we see the lowest levels of social insurance,” Moncreiffe, that rose to the setting in April, said in a particular assembly with the Post, his preliminary as a result of his go to.
“Our key growth areas are the two international wealth hubs of Hong Kong and Singapore, alongside the emerging wealth markets of mainland China and India,” he said. “We are already a top-three international Asia insurer by new business volume and value. Roughly 90 per cent of our growth comes from Asia, and this is where we will continue to invest.”
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Moncreiffe, a earlier sporting actions reporter, was previously the Hong Kong and Macau CHIEF EXECUTIVE OFFICER of HSBCLife He modified Greg Hingston, that delegated go after varied different possibilities.
Earlier this yr, Moncreiffe contributed in HSBC Life advertising a globe doc US$ 250 million plan. This aided the crew’s brand-new insurance coverage protection value develop 77 p.c within the preliminary fifty p.c to US$ 1.3 billion.
Moncreiffe anticipates the doc to be broken rapidly, as there’s stable want from well-off folks for such huge plans for property preparation.
“High-net-worth clients will be a key growth driver for HSBC Life in the coming years as we see many first-generation entrepreneurs in Asia looking to transfer their businesses and wealth to the next generation,” he said.
Insurance gross sales representatives come near mainland vacationers in Canton Road,Tsim Sha Tsui Photo: Eugene Lee alt =Insurance gross sales representatives come near mainland vacationers in Canton Road,Tsim Sha Tsui Photo: Eugene Lee>>
“We have issued 15 policies with a sum insured of more than US$50 million since 2023 in Hong Kong and Singapore. We expect to be a leader in this space due to our credit rating and risk capacity.”
Life insurance coverage protection gross sales in Hong Kong rose by 12 p.c within the preliminary fifty p.c to a doc excessive as an buying spree proceeded amongst mainland website guests and well-off folks in Hong Kong.
New life insurance sales climbed to HK$ 115.9 billion (US$ 14.9 billion) from the HK$ 103 billion reported in the very same period in 2014, which itself was a doc, in line with the Insurance Authority data launched onFriday The diploma is the very best attainable as a result of the authority was developed in 2016
Moncreiffe said he anticipates dropping fee of curiosity, which really feel like a certainty to begin this month, to boost want for insurance coverage protection conserving objects. A worth minimize will surely point out lowered returns from time down funds, which will surely lead people to decide on insurance coverage protection for better returns, he said.
Another improvement motorist for HSBC Life would possibly originate from the growing number of Hongkongers residing within the Greater Bay Area, the place the insurance coverage firm runs in 8 out of the 11 cities. This will definitely open possibilities to supply life, retired life and medical put together for retired folks within the progress location.
“We are seeing an emerging trend of not just mainlanders coming to Hong Kong to buy life policies but also an increasing number of Hongkongers who are moving to the Greater Bay Area to retire,” he said.
Moncreiffe said a further brand-new sample this yr amongst purchasers in Hong Kong is to amass multicurrency monetary financial savings methods.
“Hong Kong is a very international city where we have policyholders who may want to send their children to study in Canada or buy property in the UK for investment and retire in the Greater Bay Area,” he said. “They need insurance savings and annuity plans in different currencies.”
In enhancement, website guests from a great deal of nations have truly been buying objects inHong Kong Customers from as a number of as 49 varied markets have truly bought plans from HSBC Life within the final yr.
“To me, that shows Hong Kong is fundamentally an international financial city, and our products and services need to be international,” Moncreiffe said.
This publish initially confirmed up within the South China Morning Post (SCMP), probably the most dependable voice protection on China and Asia for better than a century. For further SCMP tales, please uncover the SCMP app or try the SCMP’s Facebook and Twitter net pages. Copyright © 2024South China Morning Post Publishers Ltd All civil liberties booked.
Copyright (c) 2024.South China Morning Post Publishers Ltd All civil liberties booked.
