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Asia’s high-net-worth market to grow by double digits in short term, say insurance firms

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Many in insurance are expecting this market to expand by 10 per cent to 20 per cent.

SINGAPORE - Asia’s high-net worth market will hit double-digit growth in the next two to five years, according to the estimates of insurers and brokers in Singapore and Hong Kong.

Swiss Re’s report on Asia-Pacific’s HNW insurance market issued Oct 8 said: “We expect the gap in HNW wealth between the United States and Asia-Pacific to narrow as growth in the latter, notably in the region’s emerging economies and China, continues to outperform globally.”The HNW segment is defined as individuals or households that have assets worth US$1 million to US$50 million .

These entrepreneurs will be dealing with legacy planning for the first time, giving the insurance sector opportunities. “This segment of new generation HNW individuals is a new type of customer. They want to protect their wealth and be there for their families and future generations,” he added.

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