The global cross-border life market sees a recovery in 2024

The global cross-border life market saw an estimated 18.3% increase in total new premiums in 2024, the equivalent of £56.3bn compared to £47.6bn in 2023, representing a welcome recovery following two consecutive years of decrease.  

These are the headline results of the seventh annual Global Cross-border Life Market report published by AILO today.  

Europe still dominant 

The Europe ex-UK region has regularly accounted for around two-thirds of all global cross-border new life business written each year. However, after this dropped to 60.3% in 2023, the region recovered to an estimated 61.8% in 2024. As the sister publication The European Cross-border Life Market in 2024 report reveals, Italy, France and Germany continue to dominate the location of cross-border life business written in Europe ex-UK, but outside these main markets there has been a steady decline in cross-border life business elsewhere in Europe. In 2024 the markets of Italy, France, Germany, Sweden and Belgium accounted for an estimated 85% of the total Europe ex-UK new cross-border life premiums written.  

The UK bounces back  

The post global financial crisis downturn in UK offshore bond sales has seen a number of established players leave the market and market consolidation accelerate. In 2024, just five unique brands controlled an estimated 92% of all new offshore bond business written in the UK. However, in 2024 the UK recorded the highest percentage increase of any cross-border life region globally (+ 21.8%) following the autumn budget which created a range tax compliant financial planning opportunities that favoured the use of offshore bonds.    

A mixed picture in other regions 

In 2024 the North America region’s global share decreased slightly to 14.8% as did the Middle East (6.3%), with Asia-Pacific (3.7%) retaining the same share as 2023. Latin America (1.2%) also saw a small share decrease, although all four of these regions wrote more new business in 2024 compared to 2023. The only region to show a year-on-year decrease in new business was Africa (0.1%).  

Commenting on the results, AILO Chairman Jeffrey More said: 

“Compared to 2022 and 2023, the global economic backdrop in 2024 was better aligned with the market conditions that have traditionally favoured the sale of cross-border investment-linked life insurance, and so it proved. This recovery is welcomed, and it is hoped that the sector can build on it with renewed confidence”. 

The Global Cross-border Life Market in 2024 report is available exclusively to AILO Members via the Member Login tab of the website, click here for details.