The report, compiled exclusively for members of the Association of International Life Offices (Ailo), also revealed that this equated to roughly 3% of global life premiums.
The bulk of that new cross-border business came from Europe ex UK, followed by North America and Asia Pacific.
Where do we stand?
Speaking to International Adviser, Acuity Consulting managing director Simon Willoughby, who wrote the report, said: “For the cross-border life sector, the search for a global sizing of the market has been akin to that of the ‘Holy Grail’.
“However, with a good deal of work and a little interpretation, Ailo members now have the basic information on which assess their position in the market.
“The plan is to update it annually”.