Concerns over family conflict and wealth transfer risks are shaping the high-net-worth insurance market in Asia, with 41% of clients in Singapore and Southeast Asia citing potential disputes as their top succession challenge, according to insights shared by Transamerica Life Bermuda’s Wouter Knecht (pictured above) at the 2025 High-Net-Worth Insurance Summit in Singapore.
Knecht said fears of family disputes are not uncommon and can be highly damaging if wealth planning is not managed carefully. Other succession concerns identified in the same survey included tax burdens, inefficient or delayed transfers of assets, and the threat of claims from creditors or divorce.
Survey results also showed that 67% of companies have reported higher client interest in succession planning since the Covid-19 pandemic and other recent global events. Knecht said these developments have made more clients conscious of the need to plan for wealth transfer, although awareness does not always translate into action.
He added that such concerns give advisers an entry point to start conversations with clients. In his view, discussions need to focus on the role of insurance in safeguarding wealth for future generations.
At the same event, Knecht reported on Transamerica Life Bermuda’s financial track record, noting the company has paid out more than $446 million in claims across 20 countries over the past five years. He said its A+ rating from S&P and its sizeable balance sheet allow it to support wealthy clients for the long term.
He also said that his firm intends to remain in the market for many decades, pointing to the company’s long history and ongoing strategy to support high-net-worth families.
During a panel discussion titled “Asia’s HNW Insurance Landscape: Solutions, Risks and Evolving Strategies,” Knecht told industry peers that advisers who focus on client education, structured reviews, and clear communication can deliver consistent value to families. He added that such practices help ensure advisers maintain their role even with the growing use of artificial intelligence.
The summit, hosted by Hubbis, examined the regional insurance market’s evolution in response to global mobility, regulatory changes, and wealth transfer planning. The publication noted that education and jurisdictional strategy are central to how providers interact with clients, often more so than product features.
What is your view – are succession risks such as family disputes receiving enough attention from advisers in Asia? Share your thoughts in the comments.
