MSIG Insurance and The Hongkong and Shanghai Banking Corporation (HSBC) have entered into a 15-year general insurance distribution agreement.
Under this exclusive arrangement, MSIG will distribute its commercial and personal suite of insurance solutions to HSBC’s customers in Singapore, leveraging the bank’s commercial banking channels as well as personal banking network and platforms comprising its retail branches, digital and mobile banking channels.
HSBC is one of the largest banking and financial services organisations in the world. HSBC in Singapore offers a comprehensive range of banking and financial services including retail and commercial banking, wealth management, investment and private banking and insurance.
MSIG Singapore’s CEO, Mack Eng, said, “Our alliance with HSBC marks a significant milestone and signals a new and exciting chapter for MSIG as we grow our bancassurance portfolio in Singapore. This partnership has brought together two strong financial services brands, with a common aspiration to extend general insurance offerings and accessibility through product innovation and digital collaboration. MSIG and HSBC will jointly expand and broaden the bancassurance portfolio, with a focus on addressing the evolving insurance needs for the bank’s fast-growing customer segments.”
Commenting on the new partnership, MSIG Asia’s CEO Clemens Philippi, said, “With our combined strengths and expertise, we can create value for a more protection-focused future for individuals, their families and businesses. Through our partnership, we look forward to strengthening MSIG’s position in Singapore with profitable growth.”
MSIG is a subsidiary of Mitsui Sumitomo Insurance, and a member of the MS&AD Insurance Group – one of the largest general insurance groups in the world with a presence in 50 countries and regions globally, 18 of which are in Asia Pacific including all ASEAN markets as well as in Australia, New Zealand, China, Hong Kong, Taiwan, South Korea and India. Headquartered in Japan, MS&AD is amongst the top non-life insurance groups in the world based on gross revenue. A pioneering player in the bancassurance industry, it currently has the majority of the bancassurance market share in Asia.
In Singapore, MSIG Singapore is ranked amongst the top five out of approximately 40 general insurers based on Gross Written Premiums. It is the largest insurer for Cargo insurance and the second largest insurer for Employer’s Liability, Marine Hull and Personal Accident insurance.
