Asia wealth insurance grows 6% despite low penetration

Private banks increasingly support these solutions through international brokers.

International wealth insurance sales in Asia rose 6% annually to $8.6b (£6.4b) between 2023 and 2025 as the products become more established amongst high-net-worth (HNW) and ultra-high-net-worth (UHNW) families.

Sales increased from $7.7b (£5.7b) in 2023 to $8.6b (£6.4b) in 2025, giving the market a compound annual growth rate (CAGR) of 6.0%, according to research by Utmost and NMG Consulting.

The two-year increase points to continued growth following the normalisation of the market after the COVID-19 pandemic.

The research found that international wealth insurance is increasingly being used for legacy planning by HNW and UHNW families in Asia and is now widely supported by private banks through international brokers.

Growth is being supported by rising wealth transfers and greater access to investment-linked, open-architecture solutions through private banks.

Advisers are also showing greater willingness to recommend international wealth insurance, the study found.

The market remains significantly underpenetrated, leaving scope for further growth as HNW and UHNW populations expand, wealth becomes more mobile and international tax regimes evolve.

Greater awareness amongst brokers and advisers, along with increased broker capacity, is also supporting adoption.

Hong Kong and Singapore have seen a rebound in international broker sales following the pandemic, whilst a shift from protection products towards savings solutions is also supporting broker production in the region.

In the Middle East, international wealth insurance sales grew faster, rising from $3.2b (£2.4b) in 2023 to $4.1b (£3.0b) in 2025 at a CAGR of 10.4%.

Growth has been driven mainly by wealth inflows and an expanding HNW population, alongside greater awareness of international wealth insurance.

Advisers in the Middle East are also showing increasing interest in Private Placement Life Insurance (PPLI), with enquiries rising as an alternative to Universal Life Insurance (ULI) solutions.

The Dubai International Financial Centre (DIFC) is becoming a more prominent global wealth hub, whilst expanding private bank and family office operations across the region are expected to support further growth.

Mark Christal, head of Asia at Utmost, said greater understanding amongst brokers and advisers is driving demand for investment-linked open-architecture solutions such as PPLI and variable universal life (VUL).

The research was conducted by NMG Consulting using its HNW & International Life Market Model, which draws on public data, regulatory and life association statistics, as well as non-public data including Utmost submissions and NMG’s International & HNW Study.