Global HNW International Life Insurance Market quantified for the first time

Utmost Group, a leading provider of insurance-based wealth solutions with over £100 billion in Assets under Administration, has released the findings of a landmark market study conducted by NMG Consulting. For the first time, the size of the global high-net-worth (HNW) international life insurance market has been formally identified and quantified.

The study highlights that in 2024, new international life insurance business in the HNW segment grew by 25%, reaching £41 billion. This notable growth was driven primarily by a sharp increase in UK HNW sales following changes to the UK tax regime, alongside stronger European demand for both unit-linked and non-linked wealth planning solutions.

Looking ahead, the market is set for continued expansion. Annual new business sales are forecast to grow to £67 billion by 2030, adding £90 billion cumulatively between 2025 and 2030. This growth is being propelled by powerful structural tailwinds: the rising number of internationally mobile HNW and ultra-HNW individuals, a massive wave of intergenerational wealth transfer, and growing demand for tailored, advisory-led wealth solutions.

Yet despite its rapid growth, the market remains underpenetrated. Currently, insurance-based wealth solutions represent only around 2%—approximately £543 billion—of the £28 trillion in investible assets held globally by HNW individuals. According to the study, increasing penetration by just one percentage point, to 3%, would unlock over £240 billion in additional assets, expanding the market by 50% and taking it past the £800 billion mark.

Mark Fairbairn, Head of Strategy and Corporate Affairs at Utmost, stated: "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."

The market consists of life insurance providers operating from international financial centres, delivering high-value and complex solutions to affluent and mobile clients. These include unit-linked products such as PPLI and single premium bonds, as well as non-linked products like euro funds and permanent life insurance. Distribution remains largely specialist, handled by expert financial advisers, private banks, family offices and professional intermediaries.

Following its acquisition of Lombard International, Utmost now holds a leading market position, accounting for around 15% of new business in 2024. The top five providers together control 45% of the market, and the top ten account for 65%, indicating a still-fragmented landscape with room for further consolidation and innovation.

This study sheds valuable light on a fast-evolving, high-potential segment of the global wealth management industry. As awareness and understanding improve, insurance-based wealth solutions are poised to become an essential tool for HNW individuals seeking asset protection, global portability, and effective succession planning.

Read the full press release here.