The outlook for the global HNW international life insurance market is positive with new business sales expected to reach £67bn by 2030, a significant uplift from 2024 of over 60%, and deliver an additional £90bn of new business sales cumulatively between 2025 to 2030, according to a report commissioned by Utmost.
In 2024, HNW international new business premium value of sales reached £41bn, a 25% growth from 2023. This growth was driven by a sharp uplift in UK HNW sales, following changes in the UK tax regime, and increased European wealth planning sales (in both linked and non-linked business).
The HNW international life market consists of a few global providers, outside of which competition remains relatively localised with companies concentrated in geography or product segments. Consequently, the top five providers account for around 45% of total market share. Utmost, following the acquisition of Lombard International, is the global market leader and has a 15% total market share, the report said.
Rising demand in this fast-growing sector is underpinned by “long-term tailwinds” namely: a growing and internationally mobile HNW/UHNW population; the significant wave of intergenerational wealth transfer; and an increasing interest in advisory and solution-based outcomes to help address these client needs.
This could see an additional £90bn of new business sales cumulatively between 2025 to 2030, the report said
The NMG study projects that these favourable long-term tailwinds are contributing to a strong growth outlook for the market alongside rising case size, improving client mix and a positive shift in placement capacity (the number and productivity of suitably qualified and licensed advisers). As a result, new business sales are expected to reach £67bn by 2030, a significant uplift from 2024 of over 60%.
This projected level of new business volume is anticipated to deliver an additional £90bn of new business sales cumulatively between 2025 to 2030 and presents a clear and substantial growth pipeline for the industry.
Asia & The Middle East
As reported here on IA’s sister title Investment international, the report also highlighted the regional growth hotspots with HNW international life insurance new business sales in Asia growing by 6% to £7.8bn in 2024, up from £7.4bn in 2023. The region accounted for nearly a fifth (19%) of all global new business sales in the market (£41.3bn).
The Middle East market is also seeing significant growth with new business sales rising by 16%, increasing from £1.8bn to £2.1bn with the region fast becoming one of the most attractive wealth destinations and a hub for international financial services, Utmost said.
Mark Christal, Head of Asia at Utmost, commented: “This landmark Market Study unveils for the first time the size of the rapidly growing HNW international life insurance market. Asia and Middle Eastern wealth flows have been historically lumpy which results in fluctuating year on year growth rates but recorded increasing sales through 2024.
“In Asia, we are seeing strong demand for and increasing awareness of insurance-based wealth solutions driven by a growing and internationally mobile HNW population and the market looks set for continued growth as Asian wealth transfer accelerates.”
Opportunity
In addition to the growth outlook of the market, NMG assessed the penetration of HNW insurance-based wealth solutions relative to the total addressable HNW market. The study concluded that one-third of HNW assets globally are held in investible assets. These investible assets, totalling £28trn of wealth, are typically held to address an individual’s long-term savings and investment needs. HNW insurance-based wealth solutions however, account for around 2%, or £543bn, of this £28trn investible asset market.
The low penetration of HNW insurance-based wealth solutions is primarily due to limited client awareness/understanding and is often reliant on the specialist financial advisers or brokers informing and explaining these solutions and benefits to clients, the report said. Placement capacity, the number and productivity of suitably qualified and licensed advisers, is therefore a limiting constraint on distribution and penetration of the market.
