Insurance

Who we are

The Group's international network comprises around 10,000 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.

Through its banking, consumer finance and insurance subsidiaries, HSBC provides a broad range of insurance products and services to its personal, commercial, corporate, institutional and private banking customers in over 50 countries and territories.

Activities

Insurance gives people and organisations valuable protection against various risks, and provides tax-efficient ways to build their future wealth.

HSBC offers a wide range of insurance products and services to meet the diverse needs of personal and commercial customers worldwide, including:

Life assurance (protection and investments)

Products and services offered include, inter alia, term life assurance, life-wrapped endowments, whole of life, pensions (annuities, personal and company pension schemes), critical illness cover, inheritance and estate planning, group life, and key man cover.

Non-life insurance (property and casualty)

Products offered include, inter alia, vehicle, home, travel, health and medical insurance, personal accident and disability cover, income and payment protection, employers' and third party liability, marine hull and cargo insurance.

Packaged and bespoke services for Commercial, corporate and institutional risks

Services offered range from packaged solutions for small businesses to bespoke insurance broking services, reinsurance, protected and segregated captive cell companies, alternative risk financing and employee benefits management.

The insurance products are either underwritten by HSBC insurance and reinsurance companies or sourced from selected specialist insurance partners, and are available from HSBC agents or insurance brokers through a variety of channels, including the internet, telephone and face to face.

Insurance is a large and growing business in HSBC, with many insurance products having a natural customer link with other bank and consumer finance products, and is a priority growth area for the future.

Facts and figures

According to the 2008 half-year results, HSBC Insurance's businesses generated:

• US$5.2 billion in net earned premiums
• US$1.6 billion profit before tax contribution (16% of total Group profits)

Over 9,000 staff employed in insurance worldwide.