International life insurance for high-net-worth (HNW) individuals is gaining momentum, yet remains significantly underused, according to the 2024 Wealth Management Market Study commissioned by Utmost Group and conducted by NMG Consulting.
The report highlights that new business in international life insurance surged by 25% in 2024, reaching £41 billion. This growth was primarily driven by changes in UK tax policy and a resurgence in European wealth structuring activity. Looking ahead, the market is expected to expand even further, with new annual business projected to hit £67 billion by 2030—generating an additional £90 billion in premium inflows between 2025 and 2030.
Despite the upward trend, insurance-based wealth planning solutions account for just 2% of global HNW assets under management—approximately £543 billion of an estimated £28 trillion pool. The report suggests that increasing this penetration to just 3% could unlock an additional £240 billion, raising the total to over £800 billion.
Key Growth Drivers:
Rising Global HNW Wealth: Estimated at £72 trillion by Capgemini, particularly growing in Asia and the Gulf.
Greater International Mobility: Increasing demand for portable and compliant cross-border structures.
Intergenerational Wealth Transfer: With around $6 trillion being passed on annually, succession planning needs are rising.
Despite these favorable conditions, the market remains highly concentrated. Five providers account for 45% of all new business, with Utmost Group—bolstered by its acquisition of Lombard International—holding a leading position. Most other insurers maintain a regional presence, while advisers serve as the main access point to these specialized solutions.
However, the report identifies adviser capacity—specifically the shortage of licensed professionals trained in cross-border insurance planning—as the main constraint on market growth. Success in scaling this sector will rely more on expanding advisory expertise than on new product development.
Action Steps for Advisers:
Reassess client portfolios for cross-border needs or succession planning opportunities.
Invest in in-house expertise or collaborate with external insurance specialists.
Reframe life insurance from a niche tool to a central strategy in wealth and estate planning.
As international life insurance gains recognition as a powerful and portable financial planning tool, early-mover advisers with specialized knowledge may be best positioned to capitalize on its growth potential.
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