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 $250-million life policy, reports the South China Morning Post. The policy, which was sold this year, was certified by Guinness World Records this week, overtaking a $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.”