Clive Bannister steps down early from HSBC Insurance

HSBC's head of insurance, Clive Bannister, will be replaced at the end of March by Asia boss David Fried, Reuters reports.

Bannister, started running the insurance business in November 2006. He described the move as "early retirement" and denied to Reuters he had failed to deliver on HSBC's ambitious goals for its insurance arm.

"We believe we have one of the world's largest bancassurers, we have certainly touched one in five of our clients with insurance products and being world class is a journey that never ends. I have done my job."

In 2008, insurance contributed $2.6bn, almost 30% of a total group pretax profits, but group profits were down over 60% because of heavy writedowns.

Websites

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

Topics