Insurance for HNWIs Industry Market Scope
High-Net-Worth Individuals are individuals having “investable assets of USD 1 million or more, excluding primary residence, collectibles, consumables, and consumer durables. As per the study, nearly 62% of the HNWIs live in the US, Japan, Germany, or China. North America clearly leads the global HNWI wealth ranking, followed by Asia.
The Insurance for HNWIs Industry market study is segmented by Type (Life Insurance and Non-Life Insurance), by Application (Millennials, Women and Gen Z Wealthy Individuals) and major geographies with country level break-up.
The global Insurance for HNWIs industry is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Policies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Insurance for HNWIs Industry market throughout the predicted period.
MetLife (United States), Tri-State Consumer Insurance Company (United States), Prudential Financial (United States), BB&T Insurance Services (United States), Swiss Life (Switzerland), Reinsurance Group of America, Inc. (United States), Modern Insurance Agency, Inc. (United States) and Mercury General Corporation (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
AMA Research has segmented the market of Global Insurance for HNWIs Industry market by Type, Application and Region.
On the basis of geography, the market of Insurance for HNWIs Industry has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 10th October 2019, Prudential Financial, Inc. acquired Assurance IQ, Inc., a leading consumer solutions platform for health and financial wellness needs. As per the Acquisition, assurance becomes a wholly-owned subsidiary of Prudential.
Market Trend
- Huge Development for Creating Opportunity for Property and Casualty Insurance Companies
Market Drivers
- Increasing Number of High-Net worth Individuals (HNWIs) Coupled with Rising Crime Figures
- Seeking more Personalised Services and Risk Management Procedures by High-Net worth Individuals (HNWIs)
Opportunities
- Growing Need for Specialised and Tailored Product Offerings Suited to the High-Net worth Individuals (HNWIs)
- Growing HNWIs Population around the Asia Pacific Region
Restraints
- Concerns Related to the Technical Expertise among Enterprise Professionals
Challenges
- Stringent Regulations on the Insurance for Recovery Work in Covid-19 Providers or Agents
Key Target Audience
Insurance for HNWIs Industry Providers, Regulatory Bodies, New Entrants, Potential Investors, Research and Development Institutes and Others