International wealth insurance sales in the Middle East rose to GBP3.0bn ($4.09bn) from GBP2.4bn - a CAGR of 10.4% between 2023 and 2025, according to a report by Utmost, a global provider of insurance-based wealth solutions.
The primary driver of growth in the Middle East is the significant recent inflows of wealth leading to increased populations of HNW families, combined with growing awareness of international wealth insurance for these use cases, said the report. The adviser community is becoming increasingly interested in Private Placement Life Insurance (PPLI), with enquiries increasing for these products as an alternative to Universal Life Insurance (ULI) solutions.
The expansion of Middle Eastern wealth is reflected in the growing prominence of the Dubai International Financial Centre as a global hub, with future opportunities also supported by the expansion of private bank and family office footprints across the region.
Mr Derek Gemmell, Head of Middle East and Africa at Utmost, said, “The Middle East continues to cement its status as an attractive destination for wealth as the HNW population expands. We are seeing advisers becoming increasingly interested in PPLI solutions and we expect further adoption of international wealth insurance to broaden as families seek flexible and portable structures for managing wealth across multiple jurisdictions and between generations.”