HSBC Singapore, MSIG enter 15-year bancassurance partnership

MSIG will distribute commercial and personal insurance solutions to HSBC’s SG customers.

HSBC has entered into a 15-year general insurance distribution agreement with MSIG Insurance.

Under the exclusive agreement, MSIG will distribute its commercial and personal suite of insurance solutions to HSBC’s customers in Singapore. 

Mack Eng, CEO of MSIG Singapore, said that HSBC and MSIG will jointly expand the bancassurance portfolio by focusing on addressing the insurance needs of HSBC’s fast-growing customer segments.

“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 Asia CEO Clemens Philippi said, commenting on the new partnership.

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MSIG is the leading provider for general insurance in Asia based on gross written premiums. It has a network of 18 markets in the region. MSIG reportedly also holds the majority of the bancassurance market share in Asia.  

In the Lion City, MSIG Singapore is ranked amongst the top five out of approximately 40 general insurers based on Gross Written Premiums.