Changes in the UK tax regime have driven a “sharp uplift” in high net worth (HNW) international life insurance sales, according to a study by NMG Consulting.

The wealth management market study, commissioned by Utmost Group, found that HNW international new business sales increased by 25 per cent to £41bn in 2024.

This was primarily driven by a sharp increase in UK HNW sales following UK tax regime reforms, and increased European wealth planning sales in both linked and non-linked business.

Furthermore, the report forecast that long-term tailwinds would push annual new business sales up to £67bn by 2030, delivering an additional £90bn of new business sales cumulatively between 2025 to 2030.

It identified these tailwinds as a growing and internationally mobile HNW/ultra HNW population, the sizeable wave of intergenerational wealth transfer, and an increasing interest in advisory and solution-based outcomes to meet client needs.

Insurance-based wealth solutions currently account for around 2 per cent of the HNW investible asset market.

Commenting on the findings, Utmost head of strategy and corporate affairs, Mark Fairbairn, said: “This landmark market study unveils for the first time the size of the rapidly growing HNW and international life insurance market.

“It is a market that is set to grow quickly in the coming years as wealth transfer accelerates and the HNW population both expands and becomes more internationally mobile.

"Insurance-based wealth solutions are currently a small part of the market but are expected to play an increasingly important role in an adviser’s toolkit when serving HNW and ultra HNW clients over the coming years.”

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