Company Directory - HSBC Insurance Holdings Limited
Company Details - HSBC Insurance Holdings Limited
HSBC Insurance Holdings Limited
HSBC Insurance Holdings Limited is a subsidiary of HSBC Holdings plc focused on providing insurance services. Leveraging the global reach and expertise of its parent company, it offers a range of insurance solutions aimed at meeting diverse customer needs in various markets.
CCI Score
CCI Score: HSBC Insurance Holdings Limited
-24.38
Latest Event
HSBC Holdings’ Revolving Door in Lobbying
An OpenSecrets profile on HSBC Holdings reveals that in the 2024 cycle, the company spent nearly $2 million on lobbying and had a high proportion of lobbyists (16 out of 20 in 2023 and 12 out of 15 in 2024) with previous government experience. This revolving door dynamic raises concerns about undue corporate influence over political processes, a pattern that could compromise democratic accountability and empower authoritarian practices. Although the focus is on HSBC Holdings, as a subsidiary with shared corporate culture, HSBC Insurance Holdings Limited is implicated in this broader political engagement.
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ACCOMPLICE
HSBC Insurance Holdings Limited is currently rated as an Accomplice.
Latest Events
- FEB192025
An OpenSecrets profile on HSBC Holdings reveals that in the 2024 cycle, the company spent nearly $2 million on lobbying and had a high proportion of lobbyists (16 out of 20 in 2023 and 12 out of 15 in 2024) with previous government experience. This revolving door dynamic raises concerns about undue corporate influence over political processes, a pattern that could compromise democratic accountability and empower authoritarian practices. Although the focus is on HSBC Holdings, as a subsidiary with shared corporate culture, HSBC Insurance Holdings Limited is implicated in this broader political engagement.
-60
Political Contributions and Lobbying Efforts
March 29
The report highlights substantial lobbying expenditures coupled with a significant revolving door, where many lobbyists previously served in government roles. This creates a risk of excessive corporate influence in policymaking, aligning with authoritarian practices. Given the shared corporate heritage with HSBC Holdings, this indirectly reflects on HSBC Insurance Holdings Limited.
- JAN012024
OpenSecrets' PAC Profile for HSBC North America for the 2023-2024 cycle reveals that the company’s PAC contributions totaled $121,500, with 53.91% going to Democrats and 48.15% to Republicans. This data highlights the company's strategic bipartisan political engagement.
-15
Political Contributions and Lobbying Efforts
March 29
The PAC data indicates that HSBC North America’s political contributions, while split relatively evenly between Democrats and Republicans, include a significant allocation to Republican causes. From an anti-fascist perspective, this balanced yet opportunistic political spending raises concerns about the company’s indirect support of policies that could favor authoritarian tendencies.
- FEB082023
HSBC has been accused of human rights abuses in Hong Kong after following Chinese authorities' directives to deny pension payouts to residents fleeing the authoritarian crackdown. An all-party inquiry by MPs and peers found that HSBC's adherence to regulator rules effectively left tens of thousands of Hong Kong exiles without access to critical pension funds.
-85
Public and Political Behavior
March 29
HSBC's compliance with directives that effectively deny Hong Kong residents access to their pension funds reinforces authoritarian practices, undermining democratic accountability and public rights. This act of corporate complicity in human rights abuses is particularly concerning given the repressive political climate.
-75
Business Practices and Ethical Responsibility
March 29
By enforcing business practices that result in the denial of pension funds to vulnerable residents, HSBC jeopardizes its ethical responsibility and corporate accountability. Its actions prioritize regulatory directives over the protection of fundamental human rights, thereby contributing to systemic repression.
- FEB222022
HSBC released a comprehensive Human Rights Statement on February 22, 2022, outlining its commitments to uphold human rights across its operations. The statement details measures for employee treatment, supplier ethics, customer engagement, and robust grievance mechanisms, reflecting an effort to promote inclusivity and prevent discrimination.
+80
Labor Relations and Human Rights Practices
March 29
The statement demonstrates a strong commitment to labor relations and human rights practices, with clear guidelines on non-discrimination, employee training, and protections. This proactive stance helps ensure an inclusive and respectful workplace.
+70
Supply Chain Ethics
March 29
The document also emphasizes ethical practices in its supply chain by enforcing an Ethical and Environmental Code of Conduct for Suppliers. This measure ensures suppliers adhere to human rights standards and allows for regular audits and potential contract termination if violations occur.
- JAN172022
Multiple parliamentarians from the EU, UK, Australia, India, and Canada have called on their governments to bar investments in firms complicit in human rights abuses after revelations that HSBC purchased shares in Xinjiang Tianye—a plastics manufacturer owned by the XPCC, which is implicated in forced labour, torture, and other violations in the Uyghur Region. The controversy also recalls HSBC’s past role in asset freezes linked to authoritarian crackdowns in Hong Kong.
-60
Public and Political Behavior
March 29
The article highlights how HSBC’s financing activities contribute to enabling a state-backed paramilitary conglomerate involved in gross human rights violations. This neglect of democratic accountability and willingness to engage with entities perpetrating forced labour abuses undermines public and political responsibilities and facilitates authoritarian practices.
IPAC Parliamentarians Call for Crackdown on HSBC Financing of Uyghur Abuses
-70
Labor Relations and Human Rights Practices
March 29
By investing in Xinjiang Tianye, which is directly linked to the XPCC and its coercive labour transfer programs, HSBC is complicit in supporting systemic human rights abuses and forced labour practices. This action represents a significant failure in safeguarding labor rights and ethical business standards.
IPAC Parliamentarians Call for Crackdown on HSBC Financing of Uyghur Abuses
- JAN012022
HSBC North America PAC contributed $61,000 to federal candidates during the 2021-2022 election cycle, indicating a venture into political contributions that raises questions about corporate influence on democratic processes.
-25
Political Contributions and Lobbying Efforts
March 29
The contribution of $61,000 by HSBC North America PAC exemplifies corporate political activity that can undermine democratic accountability by using financial influence over federal candidates. Even though the donation is not explicitly tied to far‐right groups, this kind of corporate expenditure is problematic from an anti‐fascist perspective, as it entrenches corporate influence in politics.
HSBC North America PAC Contributions to Federal Candidates • OpenSecrets
Alternatives
Pune, India
-23.06
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17.01
Corporation
11.97
Munich, Germany
27.82
India
0.00
South Africa
0.00
New York, United States
-20.32
Amsterdam, Netherlands
-22.30
Zurich, Switzerland
10.26
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76.95
Industries
- 524113
- Direct Life Insurance Carriers
- 524126
- Direct Property and Casualty Insurance Carriers
- 524298
- All Other Insurance Related Activities