Middle East new business sales grew 16% to £2.1bn and Asia saw 6% growth (to £7.8bn) for HNW international life insurance sales for 2024, according to Utmost’s new Market Study.
A 2024 Wealth Management Market Study for Utmost Group, undertaken by NMG Consulting shows that HNW international life insurance new business sales in Asia grew 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.
Premiums in the Middle East account for 5% of the global mix taking both markets combined to almost a quarter (24%) of all global HNW international life insurance new business.
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.”
Derek Gemmell, Head of Middle East and Africa at Utmost, added: “The Middle East is becoming an increasingly attractive destination for wealth and financial services which is reflected in the growth in international life insurance new business premiums for the region. Insurance-based wealth solutions are a small part of the market for now but will play an increasingly important role in an adviser’s toolkit when serving the HNW space in the Middle East.”
