Who holds the life insurance world record?
HSBC Life broke the previous Guinness World Record of a $201 million life insurance policy set in California in 2014.
The life insurance company shattered records with the sale of the most valuable life insurance policy ever.
The newly crowned champion is a whole-of-life protection policy worth a staggering US$250 million.
HSBC Life issued the life insurance policy in Hong Kong earlier this year. It was fully underwritten by HSBC. In comparison, the policy sold to a tech titan in 2014 was underwritten by 19 insurers.
While the policyholder remains unnamed, HSBC Life’s CEO, Edward Moncreiffe, revealed that the individual is an ultra-high-net-worth person from Asia with multiple citizenships.
The groundbreaking sale underscores Hong Kong’s emergence as a key player in the ultra-high-net-worth insurance market globally.
Why Hong Kong?
The policyholder bought the life insurance policy for estate planning purposes. Traditionally, primarily the US, UK, and Bermuda issued these jumbo-sized policies.
However, Moncreiffe emphasized that the sale of such a colossal insurance policy solidifies Hong Kong’s status as a leading ultra-high-net-worth insurance market in Asia and the world.
Still, Hong Kong proves its ability to manage mega-sized policies. It displays the city’s talent pool and ecosystem for serving high-net-worth customers.
It further reinforces Hong Kong’s appeal for comprehensive insurance solutions for business succession, estate management, and legacy planning needs.
Over the past 12 months, HSBC sold 10 other policies of $50 million or more to different customers. The demand is high

What is driving the demand?
Asia currently witnesses a surge in ultra-high-net-worth individuals. HSBC Life therefore responds to the rising demand for mega life insurance policies in the region.
Moncreiffe highlighted that these policies are increasingly sought after for succession planning, addressing the transfer of wealth, businesses, and enterprises to the next generations.
The insurance market currently becomes a crucial tool for wealthy individuals in Asia. It provides liquidity, divisibility among family members or charities, certainty, and privacy outside probate.
Moreover, Asia’s millionaire population expected to double by 2030. Hong Kong is therefore poised to capitalize on this growth.
It attracts buyers not only from mainland China, but also from the broader international market.
Thus, HSBC Life’s groundbreaking achievement in securing the Guinness World Record for the most valuable life insurance policy sale highlights the evolving landscape of the insurance industry, particularly in the realm of ultra-high-net-worth individuals in Asia.
Hong Kong positions itself as a preferred destination for wealth management. The city continues its ascent as a leading international insurance hub.
Deep talent pools, fierce competition, well-capitalized insurance companies, and a sound regulatory regime back that.