Strategy & Practice Management

HSBC becomes tier-1 insurer in Singapore

HSBC Insurance has announced that it will be a Monetary Authority of Singapore’s Tier-1 insurer.

A Tier-1 insurer is defined as a direct life or composite insurer whose total assets are at least SGD5 billion, or a direct general insurer or reinsurer whose annual gross premiums are at least SGD500 million. 

Tier-1 insurers are subject to higher corporate governance standards.

Said Ian Martin, chief executive officer, HSBC Insurance (Singapore): “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.”

In 2003, HSBC acquired Keppel Insurance to form part of its Singapore’s operations. Since that time, its total assets in Singapore has grown by almost five-fold to SGD4.3 billion in 2015 and exceeding SGD5 billion in 2016.

As HSBC Singapore also serves HNW 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 also said it will continue to invest in and leverage on digital technology and data analytics to sharpen its product suite, distribution and sales channels.