APAC wealth insurance trails North America at $23.8b

The global market for wealthy individual insurance was valued at $103.5b in 2024.

Asia-Pacific is set to be the fastest-growing region in the high-net-worth individual (HNWI) insurance market, with growth expected to outpace North America and Europe through 2031.

The global HNWI insurance market was valued at $103.5b in 2024 and is forecast to grow at a compound annual growth rate (CAGR) of 7.0% between 2024 and 2031, according to a Cognitive Market Research report.

APAC accounted for around 23% of global revenue, equivalent to $23.8b, and is projected to expand at a CAGR of 9.0% over the period.

Despite its faster growth, APAC remains smaller than North America, which held more than 40% of global market revenue in 2024, with a market size of $41.4b. 

North America is expected to grow at a slower CAGR of 5.2% through 2031. Europe represented more than 30% of global revenue, with a market size of $31.1b.

The market provides specialised insurance coverage for wealthy individuals, including protection for high-value assets such as luxury homes, fine art collections, yachts and other valuable possessions.

Growth is being driven by rising wealth levels, increasing ownership of luxury assets and greater demand for tailored risk protection.

Insurers are also responding to growing demand for customised policies as affluent clients seek coverage that reflects the complexity of their asset portfolios.