HSBC Life, Hong Kong’s biggest insurance company by sales, sights high-net-worth customers in Asia and the Greater Bay Area as an essential motorist of development for the direct future, according to Edward Moncreiffe, chief executive officer of worldwide insurance coverage 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, stated in a special meeting with the Post, his initial because his visit.
“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 stated. “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 previous sporting activities reporter, was formerly the Hong Kong and Macau CHIEF EXECUTIVE OFFICER of HSBCLife He changed Greg Hingston, that delegated go after various other chances.
Earlier this year, Moncreiffe contributed in HSBC Life marketing a globe document US$ 250 million plan. This aided the team’s brand-new insurance coverage worth expand 77 percent in the initial fifty percent to US$ 1.3 billion.
Moncreiffe anticipates the document to be damaged quickly, as there is solid need from well-off people for such big plans for estate 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 stated.
Insurance sales representatives come close to mainland vacationers in Canton Road,Tsim Sha Tsui Photo: Eugene Lee alt =Insurance sales representatives come close to mainland vacationers in Canton Road,Tsim Sha Tsui Photo: Eugene Lee>>
“We have issued 15 policies with a sum insured of more than US$50 million since 2023 in Hong Kong and Singapore. We expect to be a leader in this space due to our credit rating and risk capacity.”
Life insurance coverage sales in Hong Kong rose by 12 percent in the initial fifty percent to a document high as an acquiring spree proceeded amongst mainland site visitors and well-off people in Hong Kong.
New life insurance sales climbed to HK$ 115.9 billion (US$ 14.9 billion) from the HK$ 103 billion reported in the exact same duration in 2014, which itself was a document, according to the Insurance Authority information launched onFriday The degree is the highest possible because the authority was developed in 2016
Moncreiffe stated he anticipates dropping rate of interest, which feel like a certainty to start this month, to enhance need for insurance coverage conserving items. A price cut would certainly indicate reduced returns from time down payments, which would certainly lead individuals to choose insurance coverage for greater returns, he stated.
Another development motorist for HSBC Life might originate from the increasing variety of Hongkongers living in the Greater Bay Area, where the insurance company runs in 8 out of the 11 cities. This will certainly open chances to offer life, retired life and clinical prepare for retired people in the growth 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 stated.
Moncreiffe stated an additional brand-new pattern this year amongst clients in Hong Kong is to acquire multicurrency financial savings strategies.
“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 stated. “They need insurance savings and annuity plans in different currencies.”
In enhancement, site visitors from loads of nations have actually been purchasing items inHong Kong Customers from as several as 49 various markets have actually purchased plans from HSBC Life in the last year.
“To me, that shows Hong Kong is fundamentally an international financial city, and our products and services need to be international,” Moncreiffe stated.
This post initially showed up in the South China Morning Post (SCMP), one of the most reliable voice coverage on China and Asia for greater than a century. For extra SCMP tales, please discover the SCMP app or check out the SCMP’s Facebook and Twitter web 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.
