HSBC Insurance becomes Tier-1 insurer in Singapore

HSBC Insurance Singapore has revealed it is a Monetary Authority of Singapore's (MAS) Tier-1 insurer. A Tier-1 insurer is defined as a direct life or composite insurer whose total assets are at least S$5 billion (US$3.6 billion), or a direct general insurer or reinsurer whose annual gross premiums are at least S$500 million. Ian Martin, CEO of HSBC Insurance said, “This is a significant milestone for us as a result of our focus to sustainably grow the business since we first acquired the initial insurance book in 2003.” HSBC acquired Keppel Insurance to form its Singapore operation in 2003. Since then, its total assets in Singapore have grown almost five-fold to S$4.3 billion in 2015 and exceeded S$5 billion in 2016. Martin added, “We operate an integrated bancassurance model that provides insurance products principally for customers with whom we have a banking relationship. Being part of the wider HSBC Group allows us to efficiently utilise our resources to deepen our market share and offer market-leading products. This is a huge advantage as we are able to draw on the bank’s deep institutional knowledge to develop product solutions that support the wealth management and protection needs of our customers.” As a Tier-1 Life Insurer, HSBC Insurance Singapore will focus on its strength in manufacturing and distributing fair value insurance products and solutions for retail customers. As HSBC Singapore also serves high net worth individuals through its Premier and Private Banking units, HSBC Insurance Singapore will continue to support the rising demand for protection and legacy planning solutions through its universal life product offerings. It will also continue to invest in and leverage on digital technology and data analytics to sharpen its product suite, distribution and sales channels.