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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

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Edward Moncreiffe (left), CEO of HSBC Life Hong Kong and Macau, and K C Cheung, head of products, display a certificate from Guinness World Records for the all-time high insurance policy sale. Photo: Handout
Hong Kong’s insurance market has added a unique feather to its cap after HSBC Life made history with the sale of a world record US$250 million life policy.

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.”

HSBC Life CEO Edward Moncreiffe said Hong Kong has proven it has the capacity to issue mega-sized policies. Photo: Sun Yeung
HSBC Life CEO Edward Moncreiffe said Hong Kong has proven it has the capacity to issue mega-sized policies. Photo: Sun Yeung

The purpose of the policy is for estate planning, he added.

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