Barring pure protection products, the high net worth (HNW) life insurance market is likely to remain “high touch, low tech” for the foreseeable future, says Walter de Oude, CEO of insurtech start-up Singapore Life, which offers both retail and HNW policies. “I don’t see complete automation of the HNW wealth insurance segment in the short term, however I do see […]

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AXA Insurance has launched a variable universal life (VUL) plan in the region aimed at supporting HNWIs’ legacy planning efforts, the firm said in a statement today. “While universal life is an attractive wealth management tool for high net worth individuals, savvy investors with higher risk appetites are looking beyond universal life to unlock greater growth potential of their policy […]

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Transamerica Life Bermuda, which launched a new universal life plan in March, is developing a retirement product for wealthy private banking clients in order to plug a “major gap” in Asia’s high net worth (HNW) life insurance market, says Marc Lieberman, the insurer’s president and CEO. Advertisement “We’re hopeful that we can have a product possibly by the end of […]

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The time is ripe for investors in Asia to consider HNW insurance structures beyond universal life, says Ian Kloss, Old Mutual International’s Singapore CEO and Southeast Asia head, reflecting on the dominance of universal life in the region. A HNW life insurance survey conducted last year by Asian Private Banker, in partnership with Transamerica Life (Bermuda), showed that while 92% of private banking […]

The post To lift demand, Asia’s HNW life insurance market needs “innovative alternatives” to UL appeared first on Asian Private Banker.

Generali’s high net worth (HNW) business is gaining traction in Hong Kong, despite being a relative latecomer to this segment and rising competition, says Dixson Kwan, head of HNW distribution for the Italian insurer’s Hong Kong unit. “We made good progress in 2016, considering that we were up against long-established brands in this segment in Asia,” Kwan tells Asian Private […]

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While universal life (UL) policies dominate Asia’s HNW insurance market, private bankers and insurance providers speaking at Asian Private Banker’s RM Nexus: HNW Insurance event this week expect the demand for other insurance structures to increase as client needs mature and market volatility persists. “Private banking clients have been exposed to the same products over the last decade,” said one insurance provider, whose […]

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Universal life (UL) insurance policies are nothing new to Asia and to the world of HNW insurance writ large. In recent years, however, UL structures have gained traction amongst the region’s wealthy, say providers and brokers alike.  Transamerica Life (Bermuda) Ltd., which has been managing universal life portfolios in Asia since 1981, says that segment has accounted for over 90% of its […]

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This is the second part of a two-part feature on Asia’s HNW insurance industry. All data comes from Asian Private Banker’s inaugural “Exploring the HNW Life Insurance Landscape” report. To read part 1, click here.  It is not much of a stretch to say that universal life (UL) structures dominate Asia’s HNW insurance market. In the past 12 months, around […]

The post Asia’s HNW life insurance industry laid bare: Key insights from industry-first study, part 2 appeared first on Asian Private Banker.

By the end of 2015, the top 20 private banks in Asia by assets under management accounted for US$1.47 trillion in high net worth wealth, according to Asian Private Banker data. The region is widely pinpointed as the global wealth management ‘hotspot’ – and for good reason. By 2020, research suggests that Asia – which is already home to the […]

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“We’ve swiped so many cards so many times that we’ve broken a few,” reveals one product head for a Hong Kong-based wealth manager, who points to the limited effect that UnionPay credit card curbs have had on insurance sales to Chinese HNWIs. The number of single premium policies sold to Mainland clients increased by almost 250% year-on-year during the first half of 2016, with […]

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Mention insurance to a private banker and the response is often less-than-enthusiastic. Whether because of the stigma associated with insurance products, or strict regulatory barriers that prevent a relationship manager (RM) from directly recommending an insurance solution to a client, the percentage of RMs in Asia that have indeed referred their clients for insurance solutions (and that client has gone […]

The post Clients want it and there’s money to be made… so don’t discount insurance appeared first on Asian Private Banker.

As markets become more regulated, and greater emphasis is placed on tailoring solutions to client’s needs, insurance companies in Asia are expanding their HNW offerings to meet diverse client needs, notes the head of HNW, Asia, at AXA Hong Kong. And private bankers are seeing the burgeoning opportunity and getting onboard early, says David Varley. While many insurance companies and […]

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There is a product that is earning private banks 6-8% in fees. There is a product that requires a small amount of capital upfront and allows clients to gear themselves to catch an upswing in interest rates. There is a product that is dangerously close to being mis-sold. Universal life (UL) – an insurance product where premium payments above the […]

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