A 2024 Wealth Management Market Study for Utmost Group (“Utmost”), a leading global provider of insurance-based wealth solutions with over £100bn of Assets under Administration, performed by NMG Consulting, a global financial services advisory business, has for the first time identified the size of the global HNW international life insurance market.
Highlights of the Market Study include:
- In 2024, HNW international new business sales grew 25% to £41bn, primarily caused 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.
- Long-term tailwinds forecast to increase annual new business sales to £67bn by 2030, delivering an additional £90bn of new business sales cumulatively between 2025 to 2030.
- Tailwinds include: 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 meet client needs.
- Due to limited product awareness, insurance-based wealth solutions currently account for around 2%, or £543bn, of the £28trn HNW investible asset market.
- By increasing penetration of insurance-based wealth solutions by 1% to 3%, the global HNW international life insurance market could add over £240bn of additional assets, growing the market by 50% and surpassing £800bn.
Mark Fairbairn, Head of Strategy and Corporate Affairs at Utmost, commented: “This landmark Market Study unveils for the first time the size of the rapidly growing HNW international life insurance market. It is a market that is set to grow quickly in the coming years as wealth transfer accelerates and the HNW population both expands and becomes more internationally mobile. Insurance-based wealth solutions are currently a small part of the market but are expected to play an increasingly important role in an adviser’s toolkit when serving HNW and UHNW clients over the coming years.”
Read the full press release here.