Home > > > > Report Detail

Insight Report: Insurance for HNWIs - Current State and Future Prospects

Publisher Name :
Date: 31-Mar-2016
No. of pages: 39

Synopsis

Timetric's 'Insight Report: Insurance for HNWIs - Current State and Future Prospects' analyzes insurance products and services market for HNWIs.

As the HNWI insurance market is constantly evolving, insurers are developing new products and services, with customization a key strategy to meet HNWI specific needs. Growth in the number of HNWIs and a consistent rise in their wealth are creating new opportunities for insurers globally. The global HNWI population increased by 2.8%, from 17.3 million in 2013 to 17.8 million in 2014, and is expected to reach 19.8 million in 2018.

Developed markets offer significant opportunities for wealth managers and insurers, as HNWI clients in these markets still account for most of the global HNWI population and wealth. Infrastructure in the HNWI market, such as banks, financial advisors and family offices, is well developed.

Emerging markets are still in early stages of development, in terms of wealth management services, with a recent history of wealth creation as a result of entrepreneurship. However, growth in the number of private enterprises in emerging markets has resulted in rising HNWI population and wealth.

The report also discusses in detail the trends across life and non-life insurance products for HNWIs. Life insurance has become a key component of wealth planning strategy for HNWIs. It is a major investment involving huge premiums and managing issues such as formation of a trust for wealth transfer to the next generation, estate planning, charitable giving, and tax planning in a broader context. It also enables HNWIs to properly structure business and personal assets. Concurrently, non-life insurance also enables HNWIs to protect the value of their assets.

HNWIs typically possess a broad range of insurable assets such as real estate, household collections, jewelry, yachts and private aircraft, among others. HNWIs are also often targets of liability suits, requiring personal liability cover.

Summary

Timetric's 'Insight Report: Insurance for HNWIs - Current State and Future Prospects' provides detailed analysis on insuring HNWIs. It provides:


  • An overview of the global HNWI insurance market, and product innovation, competition and the distribution network.

  • Insights into the key market trends and developments in the HNWI insurance market.

  • Analysis of market opportunities and challenges faced by insurance companies in marketing and selling HNWI insurance products.

  • Understanding of HNWIs' insurance requirements through insights on their attitude, behavior, concerns and unique risk profile.


Scope


  • The report discusses in detail the growth in the HNWI population and wealth in key markets as opportunities for the insurance industry.

  • It analyzes the state of the HNWI insurance market in developed and emerging economies.

  • It discusses the role of insurance as a wealth planning tool, and explores demand for life and non-life insurance products among HNWIs.

  • It builds understanding of heterogeneity among HNWIs through wealth segmentation.


Reasons To Buy


  • Gain an understanding of the role of life and non-life insurance as a strategy for HNWIs' overall wealth.

  • Understand the different types of life and non-life insurance products available for HNWIs in the market.

  • Develop an insight into insurance needs and risk profiles for HWNI sub-segments, and build an understanding of strategies to target HNWIs at different life stages.

  • Understand how premium financing can help HNWIs to capitalize on assets and pay high life insurance premiums, without liquidating assets or affecting cash flow.


Key Highlights


  • The majority of HNWIs are underinsured, particularly when cover is not revised as asset values appreciate and risk pertaining to personal liability increases. This mismatch between the risk profile and required cover puts HNWI assets at risk. Homes, valuable collections and personal liability are the most underinsured risks in personal lines of insurance.

  • The HNWI insurance market has been dominated by specialist brokers internationally, mainly because HNWI insurance is a bespoke product that requires professional advice. Specialist brokers and financial advisors have built long-standing relationships with HNWI clients, and have gained their trust. Insurers need to capitalize on this channel to market and distribute insurance products and services to HNW clients.

  • Developed markets offer significant opportunities for wealth managers and insurers, as HNWI clients in these markets still account for most of the global HNWI population and wealth. Infrastructure in the HNWI market, such as banks, financial advisors and family offices, is well developed. As a result, more than half of all assets under management (AuM) in the wealth management sector are accounted for by North America and Western Europe, two of the world's most developed regions.

  • One reason for HNWIs to buy life insurance is liquidity. HNWIs face unique challenges in paying premiums, in terms of liquidity and tax consequences. Premium financing through assets as collateral enables HNWIs to pay high life insurance premiums, without liquidating or affecting the cash flow. It also allows HNWIs to reduce out-of-pocket expenditure on life insurance.

Insight Report: Insurance for HNWIs - Current State and Future Prospects

Table of Contents

1 Executive Summary

2 Overview of HNWI Insurance

3 Regional HNWI Markets
3.1 North America
3.2 Europe
3.3 Asia-Pacific
3.4 Latin America
3.5 The Middle East
3.6 Africa

4 Strategies for Targeting HNWIs

5 Trends in Life Insurance for HNWIs

6 Trends in Non-Life Insurance for HNWIs

7 Conclusion

8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer

List of Tables

Table 1: Innovation in HNW Insurance
Table 2: HNWI Segmentation by Wealth
Table 3: HNWI Populations by Region, 2010-2019
Table 4: Regional Overview, UHNWI Population, 2010-2019
Table 5: HNWI Populations and Wealth (US$ Billion) - North America
Table 6: HNWI Populations and Wealth (US$ Billion) - Europe
Table 7: HNWI Population and Wealth (US$ Billions) - Asia-Pacific
Table 8: HNWI Population and Wealth (US$ Billion) - Latin America
Table 9: HNWI Population and Wealth (US$ Billion) - The Middle East
Table 10: HNWI Population and Wealth (US$ Billion) - Africa
Table 11: Understanding the Top of The Pyramid - HNWI Buyers
Table 12: UHNWIs' Insurance Needs
Table 13: Role of Life Insurance in Managing Wealth for HNWIs in the US
Table 14: Inheritance and Gift Taxes (2015)

List of Figures

Figure 1: Future Concerns of HNWIs Worldwide by Assets (2014)
Figure 2: Stages in the life of HNWI Drives Insurance Needs
Figure 3: Premium Financing Process
Figure 4: Addressing Non-Life Insurance Needs for HNWIs
Figure 5: Most Underinsured Risks in HNW Personal Lines Insurance

  • 2023-2031 Report on Global Wealth Management Market by Player, Region, Type, Application and Sales Channel
    Published: 06-Nov-2023        Price: US 2500 Onwards        Pages: 98
    This report studies the Wealth Management market, covering market size for segment by type (Banks, Investment Management Firms, etc.), by application (Mass Affluent, HNWI, etc.), by sales channel (Direct Channel, Distribution Channel), by player (Wells Fargo & Company, JPMorgan Chase & Co., Bank of America Corporation, Morgan Stanley, UBS Group AG, etc.) and by region (North America, Europe, Asia-Pacific, South America and Middle East & Africa). This report provides detailed histo......
  • Global Wealth Management Industry Research Report, In-depth Analysis of Current Status and Outlook of Key Countries 2023-2028
    Published: 28-Sep-2023        Price: US 3380 Onwards        Pages: 117
    Market Overview of Global Wealth Management market: According to our latest research, the global Wealth Management market looks promising in the next 5 years. As of 2022, the global Wealth Management market was estimated at USD XX million, and it's anticipated to reach USD XX million in 2028, with a CAGR of XX% during the forecast years. A Wealth Management Platform is a software system designed to help people track their investment portfolios and research new investments.......
  • Global Wealth Management Market Insights, Forecast to 2029
    Published: 16-Jun-2023        Price: US 4900 Onwards        Pages: 111
    The increasing use of SWIFT (Society for Worldwide Interbank Financial Telecommunication) services is expected to lead to process automation across the globe, which in turn would facilitate the systematic transfer plan by cutting the costs and risks associated with it. This will help in increasing client protection and the stability of the financial system; thus, leading to market growth. Market Analysis and Insights: Global Wealth Management Market The global Wealth Manage......
  • Global Fresh Food E-commerce Market Insights: Impact of COVID-19 and Future Expectations to 2028
    Published: 25-Apr-2023        Price: US 3260 Onwards        Pages: 96
    The Fresh Food E-commerce market revenue was XX Million USD in 2022, and will reach XX Million USD in 2028, with a CAGR of XX% during 2022-2028. This report elaborates the market size, market characteristics, and market growth of the Fresh Food E-commerce industry, and breaks down according to the type, application, and consumption area of Fresh Food E-commerce. The report also introduces players in the industry from the perspective of the industry chain and marketing chain and de......
  • Global Capacity Management Market Insights: Impact of COVID-19 and Future Expectations to 2028
    Published: 25-Apr-2023        Price: US 3260 Onwards        Pages: 98
    Capacity management empowers organizations to plan their resources efficiently. Analyzing resources is essential to meet organizational requirements which helps to plan, implement, and maintain maximum throughput. The primary focus of capacity management is to safeguard enough resources to meet the existing as well as upcoming business needs and ensure justifiable costs. Capacity management market is likely to gain traction due to consistent development in the IT infrastructure and competition b......
  • Global Investment Management Tools Market Insights: Impact of COVID-19 and Future Expectations to 2028
    Published: 25-Apr-2023        Price: US 3260 Onwards        Pages: 117
    The Investment Management Tools market revenue was XX Million USD in 2022, and will reach XX Million USD in 2028, with a CAGR of XX% during 2022-2028. This report elaborates the market size, market characteristics, and market growth of the Investment Management Tools industry, and breaks down according to the type, application, and consumption area of Investment Management Tools. The report also introduces players in the industry from the perspective of the industry chain and mark......
  • Global Cloud Fax Services Market Insights: Impact of COVID-19 and Future Expectations to 2028
    Published: 25-Apr-2023        Price: US 3260 Onwards        Pages: 110
    The Cloud Fax Services market revenue was XX Million USD in 2022, and will reach XX Million USD in 2028, with a CAGR of XX% during 2022-2028. This report elaborates the market size, market characteristics, and market growth of the Cloud Fax Services industry, and breaks down according to the type, application, and consumption area of Cloud Fax Services. The report also introduces players in the industry from the perspective of the industry chain and marketing chain and describes t......
  • Global Digital Identification Market Insights: Impact of COVID-19 and Future Expectations to 2028
    Published: 25-Apr-2023        Price: US 3260 Onwards        Pages: 124
    The Digital Identification market revenue was XX Million USD in 2022, and will reach XX Million USD in 2028, with a CAGR of XX% during 2022-2028. This report elaborates the market size, market characteristics, and market growth of the Digital Identification industry, and breaks down according to the type, application, and consumption area of Digital Identification. The report also introduces players in the industry from the perspective of the industry chain and marketing chain and......
  • Global Online Freight Platform Market Insights: Impact of COVID-19 and Future Expectations to 2028
    Published: 25-Apr-2023        Price: US 3260 Onwards        Pages: 108
    The Online Freight Platform market revenue was XX Million USD in 2022, and will reach XX Million USD in 2028, with a CAGR of XX% during 2022-2028. This report elaborates the market size, market characteristics, and market growth of the Online Freight Platform industry, and breaks down according to the type, application, and consumption area of Online Freight Platform. The report also introduces players in the industry from the perspective of the industry chain and marketing chain ......
    • SERVICES
    Value for Money
    We believe in "optimum utilization of available budget and resources". While servicing our clients' (your) market research requirements, we keep the same approach in focus to help you get the best value for your $$s.
    Ever Growing Inventory
    Ranging from the smallest feasible / required data (datasheets, data facts, SWOT analysis, company profiles, etc) to full research reports that help you make decisions, our inventory is updated almost on a daily basis with the latest industry reports from domain experts that track more than 5000 niche sectors.
    One Stop Solution
    Need a custom research report on medical devices market? Require all available business intelligence on 3D printing industry? Exploring F&B sector of a particular country/region? RnRMarketResearch.com is your one-stop-solution to all market intelligence needs. We not only offer custom research and consulting services, we also "bundle" reports to meet your needs and help you fetch the data analysis you require for your business.
    Dedicated Client Engagement
    Not limited to only "finding" relevant reports for you, our client engagement team dedicates its efforts to understand your "business need" and accordingly maps available research data to help you move forward. Call "your" client engagement executive any time of your day and get your questions answered in order to make the correct business decision.
    Saving Time and Efforts
    Simply share your research requirement details with us and let us do all the hard work to find required intelligence for you. When you add up our "one stop solution" and "dedicated client engagement" services mentioned above, you obviously know the time and effort saving you do by working with us.
    Payment Flexibility
    Working with Fortune 500 organizations, we understand the importance of being flexible for payments. Share your payment terms with us and we will surely match up to them to ensure you get access to required business intelligence data without having to wait for the payment to be done.
    Post-Purchase Research Support
    Have questions after reading a report / datasheet bought through us? Not sure about the methodology used for data available in the research? Talk to us / Share your questions with us and if required, we will connect you with the analyst(s)/author(s) of the report(s) and ensure you get satisfactory answers for the same. Need more data / analysis / report(s) on the topic of your research/project? The RnRMarketResearch.com team is here for you 24X7 to support you with your post-purchase requirements. Subscription Offers & Packages (Get in touch with us for more details - [email protected] / +1 888 391 5441 )
    • Ad Hoc
    • Pay - as - you - go / Bucket Subscriptions
    • Fixed Cost for #of reports
    • Customize / Personalize as per your needs