New business premiums in the global high-net-worth (HNW) international life insurance market reached £41 billion in 2024, according to a report by NMG Consulting commissioned by Utmost Group.
The figure marks a 25% increase from the previous year, driven by stronger demand in the UK following tax changes and a rise in wealth planning activity across Europe.
The report found that the market is largely concentrated, with the top five providers accounting for around 45% of global sales. Utmost was identified as the leading provider, while the rest of the market remains more localised, with relatively limited competition beyond a small group of international firms.
Looking ahead, the report projects that annual new business sales could grow to £67 billion by 2030, an increase of more than 60% compared to 2024. This growth is expected to generate £90 billion in additional cumulative new business over the period from 2025 to 2030.
The analysis points to several drivers of increased demand, including growth in the global HNW and ultra-HNW (UHNW) population, intergenerational wealth transfers, and greater interest in advice-led financial solutions.
The report also assessed the level of insurance-based wealth solution use among HNW individuals. It found that of the £28 trillion in investible assets held globally by this group, only £534 billion is currently placed in such products.
Low market penetration was attributed to limited client awareness and understanding, as well as the need for specialist financial advisers to communicate the value and function of these solutions. Distribution remains constrained by the availability and productivity of suitably qualified and licensed professionals.
According to the report, increasing the penetration rate to 3% could add more than £240 billion in new assets to the sector, growing the total market to over £800 billion, a 50% expansion.
Mark Fairbairn, head of strategy and corporate affairs at Utmost, said insurance-based wealth solutions remain a small part of the market but are expected to play a greater role in financial planning for HNW and UHNW clients in the years ahead.
