Skip links

HSBC Life Issues Record-Breaking $250 Million Life Insurance Policy in Hong Kong

HSBC Life, headquartered in Hong Kong, has issued the most valuable life insurance policy ever recorded, valued at $250 million (£197 million). This unprecedented whole-of-life protection policy, taken out by an anonymous customer, is designed to secure wealth for subsequent generations of the policyholder’s family.

Edward Moncreiffe, CEO of HSBC Life Hong Kong and Macau, highlighted the growing demand for such large-scale insurance solutions in Asia, which is driven by the rapidly increasing ultra-high-net-worth population in the region. These individuals are seeking robust solutions for business succession, estate management, and legacy planning. This significant policy issuance further cements Hong Kong’s status as a top destination for wealth management and a major international insurance hub.

The policy breaks the previous record of a $201-million life insurance policy arranged by the advisory firm SG, LLC (USA) in 2014, and far surpasses the $100-million policy sold in 1990 by Peter Rosengard, a leading British life insurance salesman.

Alongside this remarkable financial product, the insurance world has seen other high-value insurances, particularly those covering unique body parts of famous individuals:

George Washington’s Dentures: Insured for $10 million (£7.8 million), these dentures made of various materials, including elephant ivory and human teeth, are on display at Mount Vernon, George Washington’s historic estate.

Troy Polamalu’s Hair: The famous American football player’s nearly three-foot-long hair was insured for $1 million (£650,000) in 2010 by Lloyd’s of London, sponsored by Head & Shoulders, the shampoo brand he endorsed.

Gennaro Pelliccia’s Tongue: Lloyd’s of London insured the tongue of Costa Coffee’s chief coffee taster for £10 million in 2009, highlighting the crucial role his taste buds play in his profession.

Ilja Gort’s Nose: In 2008, wine producer Ilja Gort insured his nose for €5 million with Lloyd’s, as it is essential for his work in the wine industry at Chateau de La Garde and as a producer of Tulipe Wines.

These examples showcase the extreme measures individuals and companies take to protect valuable assets, whether they are financial or physical, underscoring the diverse and sometimes unusual nature of the insurance industry.

Categories

Foreign Direct Investment

Upcoming Events

You May Also Like