(From left): HSBC Global Insurance and Partnerships head of strategy & business development Harpreet Bindra, HSBC Singapore head of wealth & personal banking Ashmita Acharya, HSBC Singapore CEO Wong Kee Joo, MSIG Singapore CEO Mack Eng, HSBC Life Singapore CEO Ho Lee Ye and MSIG Singapore managing director Takahiro Sawada. Credit: MSIG/HSBC.

MSIG Insurance (MSIG) has signed a 15-year general insurance distribution agreement with banking group HSBC in Singapore.

Under the exclusive bancassurance alliance, MSIG will provide HSBC’s Singapore customers with a variety of commercial and personal insurance services.

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The partnership is anticipated to bolster MSIG’s position in Singapore’s insurance industry.

MSIG hope to use the bank’s commercial banking channels as well as its personal banking network and platforms, which include its retail branches, and digital, and mobile banking channels.

In Singapore, HSBC provides a wide array of services, including retail and commercial banking, wealth management, investment and private banking, and insurance.

MSIG Singapore 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.

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“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.”

MSIG is a subsidiary of Mitsui Sumitomo Insurance and a part of the MS&AD Insurance Group.

It claims to be among the top insurers in Singapore and a leading provider of solutions such as cargo insurance, employer’s liability insurance, marine hull and personal accident insurance.