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Untapped HNWIs Segment To Drive HNW Insurance Market – A Review

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Published on : Jun 27, 2016

ALBANY, New York, June 27, 2016: ResearchMoz.us has announced the addition of a new research report, titled ‘Insuring HNWIs: Life and Non-Life Insurance,’ to its repository. By highlighting key products available in the life and non-life insurance markets, the analysts direct their focus on the high net worth individuals (HNWIs) segment of the insurance market. The research then measures how insurance policies help the high net worth individuals to better manage their wealth.   

A growing population and the rise in the number of high net worth individuals (HNWIs) is projected to drive the HNW insurance segment. In terms of the number of insurance policies purchased, the HNW insurance segment remains underpenetrated. Additionally, the rising investible wealth from HNWIs will continue to create sizeable opportunities in the global insurance industry.  

As per the report, HNWIs are a target market for wealth managers, insurance brokers, insurers, and private banks. Although life insurance has become a tool to facilitate tax planning, HNWIs are using it as a life cover to protect their dependents. With the changing economy and lifestyle enhancements, there has been a considerable growth in the number of HNWIs, globally. High-income groups plan to invest their money in luxury products such as yachts and luxury cars, the report states. A growing number of high net worth individuals’ desire to avail insurance policies to protect their luxury investments and assets will also stimulate the sales of insurance plans. 

Additionally, over the past few years, the fluctuating economic growth and instability in the equity market have made alternative assets more attractive. Collectibles and other similar alternative assets are being increasingly being invested in across the globe. Such alternative assets need insurance cover for protecting their value. These factors are expected to benefit the life and non-life insurance markets.

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The study reveals that HNWIs are underserved and underinsured, which is expected to create new growth opportunities for banks, wealth managers, and insurance brokers. The untapped HNWI segment is projected to be more attractive than the middle class to insurance companies.

According to the findings of the report, in 2015, the global life insurance market stood at US$2.8 trillion. In 2015, the global non-life insurance market was worth US$1.6 trillion. The increasing number of high net worth individuals is predicted to propel the life insurance and non-life insurance markets, project the report’s authors.  

Advancements in the insurance policies, platforms used to deliver new insurance policies, and competition are some of the major factors expected to drive the demand for insurance from HNWIs. The entry of new wealth managers and insurance brokers can give rise to new insurance policies, the report predicts. 

Even today, a sizeable pool of high net worth individuals lacks awareness about the many benefits of availing insurance products. This is anticipated to be the biggest restraint for the life insurance market. Additionally, the traditional channels used by insurers to distribute insurance policies target the general masses. This could potentially hamper the growth of the global HNWIs market.  
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