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  • May 2024
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Innovations in High Net Worth Insurance

Product Trends Around the World 1Q 2024

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In Brief

Navigating today's product development landscape is daunting. Find a roadmap in Product Trends, a quarterly index of the world’s most innovative insurance products and services – searchable by region and product type.  Explore the 1Q 2024 digital newsletter

The reports claim that:

  • $90 trillion in assets will be transferred between generations in the United States over the next 20 years making Millennials – and to a lesser extent, Generation Z – the wealthiest generation in American history.
  • By 2030, Asia’s High Net Worth Individuals (HNWI)/Ultra High Net Worth Individuals (UHNWI) are estimated to be worth $4.4 trillion of wealth.
  • The number of ultra-HNW individuals in Singapore rose 6.9% to 4,498 in 2022 and is expected to grow to about 5,300 between 2022 and 2027.3
  • Three of the top 10 fastest growing UHNW markets in Asia were Malaysia, Indonesia and Singapore, which saw their wealth populations expand by 7-9% despite the wider region experiencing a 6.5% decline.
  • The Middle East was the standout region with 16.9% growth in UHNWIs (those with US$30m+ in net assets) in 2022. The UAE was the fastest-growing country with an 18.1% increase, bringing the number of UHNWIs to 1,116.

As part of this worldwide wealth transfer, many HNWIs have changed their approach to wealth. Heads of families now involve their partners and children in active conversations about intergenerational wealth planning. HNWIs are actively planning for wealth accumulation and transition at an earlier age. This now includes more women, who are also proactively planning for wealth protection and succession planning – a recognition of their role as decision-maker for themselves and influencers of family-wide decisions.

Conversations among bankers, advisors, and wealth planners are taking place earlier and include more family members. A movement toward the use of client-centric advisers is also creating a shift toward recurring fees and value-added services. Adoption of digital tools and data analytics is becoming more widespread, as well as a focus on ESG and the importance of investing in sustainably.

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Where does insurance fit in?

Insurance has an important role to play in the life and financial planning of the HNW client, and the Great Wealth Transfer provides significant opportunities for insurers. New products to meet growing demand must appeal to both aging adults and the sandwich generation behind them. 

On January 25, the Hubbis Digital Dialogue brought together industry experts to discuss the evolving landscape of wealth management and HNW insurance.4 The Take Six (Key Takeaways) from this discussion were:

  • A shift to a client centric approach is underway. Advisors are focusing more on understanding clients' financial situations in depth and on their long-term goals rather than just pushing insurance products.
  • Insurance is seen as a risk management tool and as a means of wealth accumulation.
  • Insurance needs are influenced by global family dynamics and changing regulations across jurisdictions.
  • A diverse range of insurance products should cater to each aspect of estate planning, tax optimization, and liquidity needs. 
  • Insurers need to integrate holistic insurance solutions into their service offerings, led by a mindset shift from focusing on asset accumulation to encompassing broader wealth planning needs.
  • The HNW insurance market is moving towards more sophisticated, flexible products tailored to the unique needs of UHNWIs.

Currently, the market offers a wide range of insurance products, including private placement life insurance (PPLI), universal life insurance (ULI), and variable universal life insurance (VUL). PPLI is particularly suitable for HNW individuals. PPLI products combine tax efficiency, asset protection, and estate planning and offer a compliant way to manage assets across jurisdictions. In contrast, ULI and VUL products are often used for their liquidity benefits, especially in estate planning scenarios where HNWIs seek to tax-efficiently provide for their heirs.

Recent product launches

In the U.S., Pacific Life announced it has added Pacific Legacy Survivorship VUL, a new competitively priced survivorship product designed to help clients maximize their financial legacy. It also provides available riders to help clients pivot if their estate planning needs change.

In Asia, interest is rising in Individual Universal Life (IUL) plans. These plans offer investment returns linked to the performance of an index, such as the S&P 500.

AIA Hong Kong has recently launched the Global Power Multi-Currency Plan 3, which offers high returns and extra flexibility. The plan surpasses similar products in the market, with a total internal rate of return expected to exceed 7%. It also provides the earliest exercisable period for policy currency exchange and allows flexible cash withdrawals.

In Singapore, Transamerica recently launched Genesis II IUL. The plan offers a wider choice of index account options, extended protection, and new benefits. Customers can opt for a fixed account, index account, or a combination of both, which allows customers to transfer funds across accounts.

In India, Max Life Insurance introduced the SWAG Elite Plan for HNWI, offering guaranteed returns and lifelong protection. The plan allows flexibility in choosing benefits and customization options and includes guaranteed returns and lifelong protection for legacy creation for future generations. 

A woman in a red shirt leads a brainstorm
Navigating today's product development landscape is daunting. Find a roadmap in Product Trends, a quarterly index of the world’s most innovative insurance products and services – searchable by region and product type.

Focus on ESG

Clients are becoming more conscious of the impact their purchasing decisions can have on the environment and society and, post-pandemic, have demonstrated a heightened social awareness and desire to give back to society. As a result, interest in philanthropy and impact investing is growing among Asia’s affluent individuals and families.

SunBrilliance IUL was launched in September 2023. Key benefits include a first-to-market feature – Legacy Plus – which allows the death benefit to be paid out in annual installments for up to 10 years. As part of its philanthropic pledge, Sun Life Singapore will donate up to 0.5% from premiums received, with a cap of $20,000 per policy, towards charity programs in Singapore.

Linkage between wealth and wellness

Insurers are linking wealth and wellbeing with life insurance products that offer a wellness component. In January 2022, AIA Singapore conducted a survey that found the top three dimensions of wellness for HNW clients are financial wellbeing (64%), mental wellbeing (62%), physical wellbeing (61%).

In Singapore, Sun Life offers private health advisory services to HNW insurance clients. They can access Pinnacle Care’s bespoke private health advisory services for tailored expert medical opinions and top medical care. Pinnacle Care’s services provide guidance and access to cutting-edge research and state-of-the-art treatment options, access to leading specialists, and concierge support in securing and scheduling appointments.

EliteLife Signature Legacy, a comprehensive legacy insurance plan, launched in Malaysia, offers high-end life insurance coverage, extended disability coverage, and loyalty rewards and bonuses. The plan helps safeguard lifelong legacies, including disability coverage with senior care benefits.

In Indonesia, AIA has launched AIA Altitude, its first loyalty program for HNW customers AIA Altitude offers HNWIs several advantages, including access to Mobile Doctor in almost all regions of Indonesia, priority underwriting services handled by a dedicated team, 24/7 priority customer service, and VIP queue service. This product is also equipped with AIA Vitality, a health and wellness program and personal medical management service.

November 2023 saw the launch of AIA Fortuna Prestige Treasure – Indonesia,5 with Bank CIMB Niaga. The product was designed for HNW customers with sum insured up to Rp15 billion, namely business owners and professional executives. Every AIA Fortuna Prestige Treasure customer will automatically get an exclusive AIA Altitude membership. 

AIA Hong Kong has partnered with Humansa, a premium healthcare brand of New World Group, to open AIA Alta Wellness, marking the first one-stop integrated wellness space that blends the concepts of Chinese and Western health. The collaboration is aimed at addressing the health needs of AIA's HNW customers, providing personalized mental, physical, and nutritional solutions and an innovative approach to promoting preventive health management.

Insurance is one of several tools for crafting a comprehensive financial strategy. It is important for insurers to be aware of the HNW client and their changing insurance needs. With the Great Wealth Transfer, insurers will also have to tune into the next generation of HNW customers and take their needs into consideration.

At RGA, we are eager to engage with clients to better understand and tackle the industry’s most pressing challenges together. Contact us to discuss and to learn more about RGA's capabilities, resources, and solutions.

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Meet the Authors & Experts

Diana Bosworth
Diana Bosworth
Senior Research Analyst, Strategic Research


  1. The Wealth Report 2024 - Knight Frank
  2. World Wealth Report, Cap Gemini, 2023.
  3. Singapore’s population of UHNWIs increased by 6.9% in 2022 - Knight Frank
  4. HNW Life Insurance – Trends and Opportunities in the Private Client Markets (
  5. AIA and CIMB Niaga Launch AIA Fortuna Prestige Treasure - Stability (