Exclusive | Guinness World Records: HSBC Life clinches title with US$250 million insurance policy sale in Hong Kong
- The policy sale to an Asian customer handily surpasses the US$201 million cover bought by a tech billionaire in California in March 2014
- Policy sale shows Hong Kong’s rise as a leading ultra-high-net-worth insurance market in Asia and the world, HSBC Life’s Edward Moncreiffe says
The policy, which was sold this year, was certified by Guinness World Records this week, overtaking a US$201 million coverage bought by a tech billionaire in California in March 2014.
While the insurer did not disclose the policyholder’s name, Edward Moncreiffe, CEO for Hong Kong and Macau at HSBC Life, said the client was an ultra-high-net worth individual from Asia with multiple citizenships.
“The sale of such an insurance policy shows Hong Kong’s rise as a leading ultra-high-net-worth insurance market in Asia and the world,” Moncreiffe said in an exclusive interview with the Post. “Previously, such jumbo-sized policies have only been issued in the US, UK and Bermuda. Now, Hong Kong has proven it has the capacity to issue such mega-sized policies.”
The purpose of the policy is for estate planning, he added.
