The high net worth insurance market in APAC
Wealth growth and preservation, and legacy planning
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Asia Pacific (APAC) is home to about 30% of global high net worth (HNW) financial wealth, second after the Americas. This is the result of the region’s strong economic growth track record over recent decades. We define HNW as individuals/households in possession of USD 1–50 million worth of assets globally. Above USD 50 million is the realm of the ultra-high-net worth (UHNW) wealth. Global financial wealth rebounded in 2023, as did the number of USD-millionaires, driven by a resurgence in equity markets and resilient growth. Of the global HNW population, today around 28% live in APAC.
The HNW market in APAC is a significant growth opportunity for the insurance industry. This was the consistent message from interviews the Swiss Re Institute (SRI) conducted with experts from leading insurers and brokers in Hong Kong, Singapore and globally in April and May 2024. The experts expressed strong conviction in the organic growth of wealth and of the number of HNW individuals in Asia, driven by economic recovery and new entrepreneurial spirit. In terms of HNW market potential, many insurers target double-digit growth over the next 2–5 years.
The executive summary of this report is available to download. For the full study please contact Samuel Berry.