Global Insurance for High Net Worth Individual (HNWIs) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Insurance for High Net Worth Individual (HNWIs) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A high-net-worth individual is somebody with at least $1 million in liquid financial assets. HNWIs are in high demand by private wealth managers because it takes more work to maintain and preserve those assets. These individuals also qualify for increased and better benefits.

Insurance for High Net Worth Individual is a collective term which describes the insurance products designed to protect people with high-value homes and possessions – including jewelry, antiques, collectables and overseas property.

Market Overview:

The latest research study on the global Insurance for High Net Worth Individual (HNWIs) market finds that the global Insurance for High Net Worth Individual (HNWIs) market reached a value of USD 105042.0 million in 2022. It’s expected that the market will achieve USD 126805.71 million by 2028, exhibiting a CAGR of 3.19% during the forecast period.

Under the specific environment of COVID-19 epidemic, the global economy has been significantly affected, which brings challenges and opportunities to the development status of various industries. Since the outbreak of COVID-19 virus in December 2019, the disease has spread to countless countries around the world, and the World Health Organization declared it a public health emergency. The global influence of coronavirus disease (COVID-19) has begun to appear. COVID-19 can influence the global economy in three main ways: directly affecting production and demand, causing chaos in supply chain and market, and financial impact on enterprises and financial markets.

During the COVID-19 pandemic, most employees stayed at home. Therefore, insurance for high networth individual company is expected to expand its business by providing flexible plans. In addition, the pandemic has prompted insurance companies to increase their digitalization efforts, forcing them to focus on security and regulatory protocols to resist cyber security attacks.

In addition, the epidemic has changed the concept of asset allocation of high net worth individuals, and insurance has become an important protective umbrella.

Affected by the epidemic, the health concept of high net worth people has changed. In order to protect their health, insurance has become their important protective umbrella. In terms of wealth and health, safety and security are the core concerns of high net worth individuals. The willingness of high net worth individuals to invest in insurance is second only to the willingness to invest in financial products. 85% of high-net-worth individuals recognize that commercial insurance can cope with sudden risks, while inheritance products such as whole life insurance and annuity insurance can well meet people's needs for wealth management and inheritance, and build an important defense line for wealth security.
In the investment distribution of high net worth individuals, insurance will become one of the core products to be increased in the future, and the future growth rate is second only to financial investment products. Affected by the epidemic, the desire for security stimulated the desire to buy insurance.
The development of epidemic situation is helpful to improve the willingness of high net worth individuals to apply for insurance.

And industry development opportunities in north America and Asia have increased

And the insurance for high net worth individual (HNWIs) market in north America and Asia is increasing. North America and Canada are both developed countries, and they are one of the main destinations for immigrants from the world's richest people. American technology industry is the world leader, such as Google, Facebook, etc. American Silicon Valley enjoys a good reputation in the world and creates a large number of rich people every year. In addition, the financial industry in the United States is also very developed, and there are not a few rich people who have made their fortune through stock trading. In addition, the United States is an immigrant country, and many rich people choose to immigrate to the United States to live. The number of rich people here is far ahead in the world. In Asia, China, Japan and South Korea, the economy has developed steadily in recent years, with the number of rich people gradually increasing and the assets of the original rich people steadily increasing. New York, Tokyo, Hong Kong and Los Angeles are the most concentrated cities with high net worth.
Driven by the increasing number of potential customers in Asia and North America, the scale of Insurance for High Net Worth Individual (HNWIS) in Asia and the United States is increasing.

Intense market competition

With the global competition of insurance for high net worth individual industry, the internal competition intensity of insurance for high net worth individual industry has increased. Suppliers adopt strategies such as price premium to maintain market competitiveness. Meanwhile, local suppliers in developing countries are offering fierce competition to global enterprises based on product pricing. In the attitude towards wealth and health, 85% of the high-net-worth people agree that commercial insurance can cope with sudden risks, which is the cornerstone of family stability and has the function of inheriting wealth. More and more high-net-worth individuals are willing to buy, which promotes more insurance companies to enter the insurance market of high-net-worth individuals, resulting in a crowded and highly competitive stage. However, this leads to the proliferation of substandard or duplicate products, thus hindering the development of the market. Intense competition is not conducive to the sustainable development of the industry.

Segmentation Overview:

By type, P&C Insurance segment accounted for the largest share of market in 2022.

Life Insurance

Life insurance is a popular way for the wealthy to maximize their after-tax estate and have more money to pass on to heirs. A life insurance policy can be used as an investment tool or simply provide added financial reassurance.

Non-Life Insurance

Non-Life Insurance generally includes compensation for damages caused by homeowner's insurance policy, automobile insurance policy, marine insurance, fire, disaster, theft, travel insurance or any online violation related to network security. Because the probability of network events is extremely difficult to determine, it is difficult to measure the degree of damage caused by network events. However, these can be covered with the help of non-life insurance policies.

Application Overview:

By application, the Millionaires Next Door segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Insurance for High Net Worth Individual (HNWIs) market covered in Chapter 3:

Life Insurance Corporation of India
Mercury Insurance
State farm
New York Life
Prudential
SulAmerica
AIG
Limra
SwissLife
MetLife
IronShore
Morgan Stanley
Reinsurance Group of America, Inc
Richard Thompson Insurance Brokers

In Chapter 4 and Chapter 14.2, on the basis of types, the Insurance for High Net Worth Individual (HNWIs) market from 2018 to 2029 is primarily split into:

Life Insurance
P&C Insurance

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Insurance for High Net Worth Individual (HNWIs) market from 2018 to 2029 covers:

Ultra HNWIs
Mid-Tier Millionaires
Millionaires Next Door

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)