HSBC: Insurance is replacing wills as the preferred choice for estate planning, with demand rapidly increasing.

The head of HSBC Insurance business stated that the company has seen an "explosive" growth in demand for estate planning and wealth succession solutions as clients seek to mitigate risks arising from global uncertainties. Edward Moncrieff, head of HSBC Insurance, mentioned in an interview that the insurance department manages investments worth $120 billion for clients. Currently, these investments are facing a challenging environment with high valuations and industries being impacted by the artificial intelligence revolution. He said, "Market volatility, geopolitical uncertainties, and the long-term demographic dividend are intertwining. There are many risks in this, and we are in the risk industry, where risk is a double-edged sword." Moncrieff added that private credit accounts for less than 5% of their total investments, spread across more than 1,600 loans. He pointed out that the company saw a 30% annual growth in premiums last year, reaching $6.5 billion. HSBC's research shows that insurance has surpassed wills as the preferred mechanism for managing estate planning. "The key trigger for estate planning is the fluctuations in the macro economy and the market."