Insuring HNWIs: Life and Non-Life Insurance

HNWIs often have complex needs, owing to their wealth, personal profile, assets and businesses; they therefore typically require specialized insurance products.

Demand for insurance among HNWIs commonly involves life insurance to protect dependents. Strategically, however, life insurance can also be used as a tool to facilitate tax and estate planning.

There are two main types of insurance: life and non-life. Life insurance is usually more complex than non-life, as it is used as a tool to protect dependents, a savings vehicle and a tax-planning tool. Non-life insurance is mainly concerned with protection of HNWIs’ assets, such as homes, cars, yachts, aircraft, art and wine collections.

Insurance for HNWIs commonly involves life cover,and is increasingly used as a wealth-management tool for tax and estate planning.

As the HNWI population grows, demand to protect assets and luxury investments will also increase, requiring niche products to meet HNWIs’ unique requirements.

HNWIs present opportunities for both personal insurance products, and also other commercial insurance lines associated with their businesses, encouraging both specialized and mass insurers to compete in the market.

Scope

• An understanding of the role of insurance among HNWIs

• Insight on the insurance needs of HNWIs

• Analysis of the evolution of the insurance process for HNWIs

• Historic and forecast figures on the global population of HNWIs from 2011 to 2020

• Analysis of life insurance for HNWIs, including key product offerings and types of life insurance product

• An examination of the role of life insurance in managing wealth

• Analysis of non-life insurance for HNWIs, including key product offerings and types of non-life insurance product

• An examination of the role of non-life insurance in managing wealth

• Insight on the key trends, opportunities and challenges for life and non-life insurance

• The outlook for the HNWI insurance industry

Key Highlights

What is the estimated value of the global life and the global non-life insurance markets in US$ trillion?

What are the core challenges which provide significant opportunities for insurers to meet the needs of HNWIs globally?

Which life product is a key offering for HNWIs?

Which two key factors are expected to drive growth in HNW insurance?

Reasons to buy

• Gain a deeper understanding of the role of insurance for HNWIs, and the role of life and non-life insurance in managing HNWI wealth.

• Identify key products in the HNW life and non-life insurance markets to develop a more client-centric value proposition.

• Investigate the key trends, opportunities and challenges facing the HNW life and non-life insurance markets, and identify those which will drive revenue growth.

• Analyze the future outlook of the HNW insurance market globally, and position businesses to grow market share.

Companies mentioned

ACE Private Risk Services, Chubb Group of Insurance Cos., Axa, MetLife, AIG, Sun Life, State farm, Prudential, New York Life, GSRP, SwissLife, M Financial Group, Limra, Wink Inc., Morgan Stanley, Aon, Hiscox, XL Catlin, Prudential, PURE, Zurich Private Clients, Reinsurance Group of America, Inc., Ceraulli Associates, Amazon, Walmart, Mercury Insurance, MF Block, SulAmerica, Richard Thompson Insurance Brokers, Berkley, Lloyd’s, Aspen Specialty, IronShore, Life Insurance Corporation of India, Google Compare

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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