London-based HSBC has set a new Guinness World Record for the sale of an insurance policy.
HSBC has set a new Guinness World Record for the most valuable life insurance policy ever sold, according to a statement.
The whole-of-life protection policy was issued and fully underwritten by HSBC Life, the bank’s Hong Kong-based insurance business, and will pay out $250 million to the insured person’s named beneficiary after their death. It also includes features aimed at wealth protection for future generations of the family.
Asian Opportunity
According to HSBC Life CEO of Hong Kong and Macau Edward Moncreiffe, the record illustrates the insurance opportunity amongst ultra-high net worth (UHNW) individuals in Asia. In the past 12 months, HSBC Life has also issued 10 other life insurance policies valued at $50 million or more to individual customers.
«Asia is home to the fastest growing UHNW 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,» he said.
The previous record was set in California in 2014 for the sale of a life insurance policy valued at $201 million.
