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Insuring HNWIs: Life and Non-Life Insurance

Published: May 30, 2016 | Pages: 40 | Publisher: WealthInsight | Industry: Insurance | Report Format: Electronic (PDF)


This report provides insights into the HNW insurance market.

It first provides an understanding of insurance among HNWIs, and highlights key products in the life and non-life insurance markets, followed by an analysis of how insurance can help HNWIs to manage their wealth.

The report’s main chapter identifies key trends, opportunities and challenges facing HNW insurance market. It aims to provide up-to-date trends in the HNW insurance market to wealth managers, private banks, insurance brokers and insurers.


Demand for insurance among HNWIs commonly covers life insurance to protect dependents. Strategically, however, life insurance can be used as a tool to facilitate tax and estate planning. As the number of HNWIs grows, the desire to protect their assets and luxury investments such as luxury cars, yachts, jets, arts and wine collections also increases.

Parallel to this, instability in equity markets and fluctuating global economic growth make alternative assets such as collectibles more attractive; these items require insurance to cover their value

HNWIs often find themselves overpaying and underprotected. This is unsurprising given that broad product variety often makes insurance a complex product.


The report is divided into five chapters, which cover the following areas:

• Understanding HNWI Insurance
• Life Insurance for HNWIs
• Non-Life Insurance for HNWIs
• Key Trends, Opportunities and Challenges for Life and Non-Life Insurance
• The Outlook for HNWI Insurance Industry

Reasons To Buy

• Understand insurance for HNWIs and the role of life and non-life insurance in managing HNWI wealth.
• Be informed about key products in the HNW life and non-life insurance markets.
• Be aware of key trends, opportunities and challenges facing HNW life and non-life insurance markets.
• Be informed about future outlook of HNW insurance market globally.
• Build robust expansion strategy and marketing strategy to target HNW insurance more effectively.

Key Highlights

• Data compiled in association with Timetric shows that the global life insurance market in 2015 was estimated at US$2.8 trillion, while the non-life insurance market was estimated at US$1.6 trillion.
• HNWIs globally are underinsured and underserved
• Universal life a key offering for HNWIs
• Insurancetech and competition expected to drive growth in HNW insurance
 Table of Contents

Executive Summary 

1 Introduction
1.1 What is this Report About?
1.2 Definitions and Scope

2 Understanding HNWI Insurance

3 Life Insurance for HNWIs
3.1 Key Product Offerings
3.2 The Role of Life Insurance in Managing HNWI Wealth

4 Non-Life Insurance for HNWIs
4.1 Key Product Offerings
4.2 The Role of Non-Life Insurance in Managing HNWI Wealth

5 Key Trends, Opportunities and Challenges in the Life and Non-Life Insurance Markets
5.1 Life Insurance: Trends and Opportunities
5.2 Non-Life Insurance: Trends and Opportunities
5.3 Key Challenges in HNWI Insurance

6 The Outlook for the HNWI Insurance Industry

7 About WealthInsight
List of Tables

Table 1: HNWI Wealth Band and Group Definitions
Table 2: Global HNWI Populations, 2011–2020
Table 3: Types of Life Insurance Product
Table 4: Market Shares of Key Life Insurance Products in the US, 2005 and 2013
Table 5: Difference Between MEC and Non-MEC
Table 6: IUL Sales (Premium) in the US, 2010–2015
Table 7: Key Roles of Life Insurance in HNWI Wealth Management in the US
Table 8: Types of Non-Life Insurance Product
Table 9: Types of Niche Insurance Product
Table 10: Key Attributes of HNWIs on Retirement Planning With and Without Advisor Plans
Table 11: Innovations in HNWI Insurance 

List of Figures

Figure 1: Addressing Life and Non-Life insurance Needs Of HNWIs
Figure 2: Evolution of HNWI Insurance Process

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