As professional investors in Hong Kong seek flexible investment options, with downside protection features to support legacy planning, the insurers are providing policyholders an opportunity to address their goals whilst also capitalising on potential upside growth from tracking the performance of leading global indices.
Speaking with Asia Insurance Review, HSBC Group CEO insurance Edward Moncreiffe said, “With first-generation wealth in Asia now at a tipping point where people are increasingly keen to safeguard their family businesses and wealth, they need an array of innovative and customised High Net Worth insurance solutions across the region, which can provide greater flexibility and liquidity to High-Net-Worth clients.
Industry research has revealed that the wealthiest families in Asia-Pacific are set to transfer an estimated $5.8tn by 2030, fuelling increased interest in insurance products.
Mr Moncreiffe said, “Since we launched our first Indexed Universal Life product in Singapore last year, the response has been overwhelmingly positive, with clients entrusting us with over $1bn of their insurance coverage. We expect similarly strong demand from clients and business partners in Hong Kong now that it is on a more level playing field.”
He said the insurer has now announced the launch of HSBC Aspire Prime Indexed Universal Life that builds on the success of the HSBC Life Diamond Prestige Indexed Universal Life insurance plan introduced in Singapore last year, which has been well received by High-Net-Worth clients.