Manulife Canada has increased its insurance underwriting limits for high-net-worth (HNW) cases, the insurer said in a note to advisors.
The autobind limit (the maximum amount where a policy can be automatically issued without being sent to reinsurance) is $75 million for ages 18 to 70, up from $60 million previously. The jumbo limit (the maximum amount for automatic treaty reinsurance) is $100 million, up from $65 million. The jumbo limit reflects the total in-force and applied for amounts across all companies.
The increased limits mean faster decisions on large policies and greater support for HNW clients, Manulife said in the note. It lets advisors provide more holistic service in tax, estate planning and special cases.
In February, Manulife Singapore issued a US$300-million life insurance policy, making it the largest single life policy ever issued. This surpassed the February 2024 record set by HSBC Life in Hong Kong of US$250 million.
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