HSBC Insurance (Singapore) is now a Monetary Authority of Singapore (MAS) tier-1 insurer.

A tier-1 insurer is defined as a direct life or composite insurer whose assets are at least S$5 billion, or a direct general insurer or reinsurer whose annual gross premiums are at least S$500 million. Tier-1 insurers are subject to higher corporate governance standards.

Ian Martin, CEO HSBC Insurance (Singapore) says, “this is a significant milestone for us as a result of our focus to sustainably grow the business since we first acquired the initial insurance book in 2003.”