Axa Global Healthcare China and HSBC broker-Pinnacle China have announced an alliance to offer international private medical insurance (IPMI) to high-net-worth (HNW) clients in China.
Pinnacle China, a wholly owned subsidiary of the HSBC Group, will now offer Axa Global Healthcare China’s SmartCare Exclusive IPMI product to its clients.
The HNW market in China is a significant one, representing about 6.2 million US dollar millionaires according to PwC in 2021. That makes it the country with the second highest number of HNW individuals in the world, after the US. In comparison, the UK market was estimated to have 2.8 million HNW individuals by PwC in 2021.
The partnership aims to expand Axa’s presence in mainland China and meet the increasing demand for international healthcare solutions in the region.
The move represents the first time Pinnacle China has included a third-party IPMI product in its offering.
SmartCare Exclusive has gained traction in the local market with its global medical network, flexible protection plans, and robust service proposition.
The partnership aims to strengthen the product’s presence in mainland China and also showcases the growing appetite for international-standard healthcare solutions within the region.
Fred Ding, managing director at Axa Global Healthcare China, said: “This alliance represents a powerful convergence of global insurance and financial expertise.
“Together with HSBC Broker-Pinnacle, we’re setting a new benchmark for the delivery of premium health insurance in China.
“By aligning our strengths, we are not only accelerating our footprint in the region but also helping reshape how international healthcare coverage is accessed and experienced by discerning clients.”