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Insurers roll out solutions to tap growing high-net-worth population in Singapore

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Tan Nai Lun

Tan Nai Lun

Published Wed, Jan 10, 2024 · 05:00 AM
    • Many high-net-worth individuals think of life insurance solutions as an alternative asset class for portfolio diversification and legacy planning, especially in light of recent market volatility and high inflation.
    • Many high-net-worth individuals think of life insurance solutions as an alternative asset class for portfolio diversification and legacy planning, especially in light of recent market volatility and high inflation. PHOTO: PIXABAY

    SINGAPORE’S growing pool of high-net-worth (HNW) individuals is creating new opportunities for insurers looking to offer targeted products and services for this segment of the population.

    The number of ultra-HNW individuals in Singapore rose 6.9 per cent to 4,498 in 2022, indicated a Knight Frank report, and is expected to grow to about 5,300 between 2022 and 2027.

    At the same time, the number of single family offices – entities that manage the wealth of a family – grew to 1,100 at end-2022, up from 700 at end-2021, said the Monetary Authority of Singapore.

    InsuranceHigh net worth individualsWealth management

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