Reflecting on the rapid growth of single-family offices in Singapore, the business said it is building a range of insurance solutions for wealthy clients to meet this growing demand.

FWD Singapore is entering the high net worth insurance market, it said this week, and has named its first chief HNW officer, Jason Tsui. The business has also launched its first product aimed at accredited investors.

The frm said it is working to provide a range of life and general insurance solutions, including international health insurance.

“Single-family offices based in Singapore have grown significantly in recent years and so too have their needs for wealth preservation, succession planning and return on investment. FWD has a strong brand and innovative spirit which we are excited to extend to the high net worth insurance space,” Adrian Vincent, CEO of FWD Singapore, said.

The developments coincide with FWD’s 10th anniversary as a pan-Asian insurer and it now has more than 10 million customers across 10 markets.

As part of the new strategy, FWD Singapore will partner with Apollo to launch its first HNW plan for accredited investors. 

Chief HNW officer
The firm said that Tsui, taking on the chief HNW officer role, has previously been managing director at the Asian brokerage arm of a global wealth solutions provider in Singapore and Hong Kong.

(Editor’s note: WealthBriefingAsia has asked FWD for more details on the specific nature of the insurance products it is offering, their pricing, structure, and business rationale, and may update this article in due course.)

Insurance is an important channel for wealth management services in Asia, and significant in a region that has traditionally not had extensive state-provided healthcare cover, for example.