ASIA’s wealthy individuals and families are increasingly fertile hunting ground for insurers keen to expand their books of business, thanks to the region’s wealth and strong growth in its millionaire population, as well as growing awareness of the need for inheritance and succession planning.

Various wealth studies expect the pace of wealth creation to increase after the decline in 2022. Knight Frank, for example, predicts a 37 percent increase in the number of ultra-high net worth individuals (HNWIs) in the Asia-Pacific from now to 2028. Led by India and China. This comes with an increase of up to $5.8 trillion in wealth transfers to younger generations between 2023 and 2030, according to McKinsey estimates.

Insurance can assist with increasing one’s assets for distribution to heirs, leaving a charitable legacy, or business succession planning, among other goals. A recent study by Swiss Re found that brokers and insurers expect a 10 to 20 percent increase in insurance premiums from products aimed at wealthy individuals and family offices.