New business premiums in the global high-net-worth (HNW) international life insurance sector surged to £41 billion in 2024, reflecting a 25% year-on-year increase, according to a new report by NMG Consulting commissioned by Utmost Group.
The significant growth was driven by rising demand in the UK—fueled by recent tax changes—as well as a broader uptick in wealth planning activity across Europe. The report projects even stronger momentum ahead, forecasting annual new business sales to reach £67 billion by 2030, a more than 60% increase from current levels. This growth could result in an additional £90 billion in cumulative new business between 2025 and 2030.
Market concentration remains high, with the top five providers accounting for approximately 45% of global sales. Utmost Group was identified as the leading player in the space. Outside of this core group, the market remains fragmented, with limited international competition.
The study attributes the upward trajectory to several structural factors: the rising global population of HNW and ultra-HNW (UHNW) individuals, the ongoing wave of intergenerational wealth transfers, and a growing appetite for advice-led financial solutions.
Despite the robust growth, the report notes that insurance-based wealth strategies remain underutilized. Of the estimated £28 trillion in investible assets held globally by HNW individuals, only £534 billion—less than 2%—is currently placed in such products.
This low market penetration is attributed to limited awareness and understanding of life insurance coverage options, coupled with a shortage of qualified financial advisers able to articulate their value effectively. Distribution remains a critical barrier due to the need for licensed professionals capable of delivering complex wealth planning solutions.
NMG’s projections suggest that increasing the penetration rate to just 3% could add more than £240 billion in new assets to the sector, expanding the total market to over £800 billion—a 50% growth from current levels.
Mark Fairbairn, Head of Strategy and Corporate Affairs at Utmost, emphasized that while insurance-based solutions still represent a small portion of the HNW wealth market, their role is expected to expand significantly.
“These products are increasingly viewed as integral to long-term financial planning, particularly among clients with cross-border needs and estate planning goals,” Fairbairn said.
As competition intensifies and awareness improves, insurers offering trustworthy insurance tailored to high-net-worth individuals are well-positioned to capture future growth.
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