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Risk Register: considering high value insurance

Published: 20/04/18

Risk Register: considering high value insurance 

Award winning high value insurer Chubb, has joined independent research experts, Longitude to produce their Risk Register, a study concerned with the values held by high net worth individuals. They've spoken to hundreds of people based in the UK, Ireland and France to better understand what's important to their clients.

Respondents were predominantly aged 25-44, two-thirds male and one-third female, with over half (57%) residing in London and the south east. Almost half (49%) of respondents had an overall net-worth (excluding the property that they live in) of £1.5 - £4.99 million. 

90% of the total respondents have earned most or all of their net worth.

In terms of what constitutes this wealth, Chubb says:

“While the bulk of these individuals' wealth manifests itself in the form of property, many have used their wealth to acquire collections of items that clearly have emotional significance for them, often called 'passion assets'.

“Art is the most frequently sought-after purchase: over three-quarters of those who took part in our survey (77%) said they own valuable paintings or sculptures. Watches, jewellery, antiques and luxury handbags also feature highly as do wine and, of course classic cars and motorcycles. Notably, over half (57%) said they own a high value supercar, while approaching half (44%) have acquired literature of significance such as rare books and comics. One complexity frequently exhibited by affluent individuals is that their valuable possessions are often housed in more than one property. Just over half of those collecting antiques (51%) house them in multiple locations, which could be outside the UK.”

The research goes on to talk about how this group buy their insurance cover. What is most surprising to us at Flint Private Clients is that only 19% of those questioned bought their insurance from a specialist broker, with 67% buying directly from a single insurance company; a staggering 47% shop online searching via price comparison sites; 30% shop around and buy from individual insurers and 7% from an insurer via the insurer's agent.

In response to this Chubb say: 

Considering these buying behaviours, it comes as no surprise, then, that from an insurer's perspective many affluent individuals lack cover for the significant risks that affect them.” 

Given that the respondents are wealthy individuals, with multiple homes, including specialist collections and in some cases classic vehicles, it is therefore rather worrying that nearly half choose to cover themselves online. 

High net-worth home is not a simple insurance contract, but a complex risk that requires a bespoke policy. The insurance needs to consider the lifestyle of the whole family e.g. do they live in more than one property throughout the year, do they travel for work, do they have children at school or university? Both buildings and contents need to be properly evaluated to ensure that correct sums insured are in place. Insurers will not pay the full amount if the policy holder is deemed to be underinsured. A good high net worth policy will also offer a full security appraisal, with further advice on any areas that may need attention. At Flint we give our private clients help and support with every aspect of their insurance and especially in the event of a claim.

Similarly, those from the survey who choose to deal direct with a single insurer may indeed have an adequate policy, but a reputable insurance broker will select the optimum cover from a range of first-class, specialist insurers. At Flint any insurance recommendation is still based upon the client's instructions, but with individual, expert advice means that they are making an informed choice. As far as price is concerned – high net-worth does not automatically equate to inflated costs, we look to offer our clients excellent value and superlative cover.

In our experience where a client has previously selected their own multiple policies (30% of those surveyed) – they are often better served with a single contract that combines all risks, to eliminate gaps in cover and usually for a lower premium. Whether you prefer individual policies for home and car or single cover to include everything, Flint Private Client will secure the best insurance for you.

Flint is completely independent, not aligned to any one insurer and very experienced in high value insurance. The advice that we give is supported by excellent service, being well aware that our Private Clients are often time poor, their account handler is always on hand to deal with any matter concerning their insurance.

Chubb's Risk Register goes on to talk about the physical risks to home and family, including each individual's perception of risk and it is clear that again, especially for wealthy individuals, there is a requirement for specialist insurance cover.

“Asked to think beyond their home and contents, aggravated burglary remains their primary concern. The prospect of violent home invasion is the single most pressing worry, scoring nearly twice as highly as kidnap and ransom.”

Chubb goes on to say: 

“One of the most fundamental differences between a standard insurance product and the type of bespoke all-encompassing coverage provided by Chubb is the degree to which we engage with the client to protect their lifestyle.”

Flint Private Clients has worked with Chubb and other quality high value insurers for many years and it is this type of multi-level of service that we provide for our clients.

All we ask of our Private Clients is that you put in the initial call and we will do the rest. You won't pay over the odds, but you will get the satisfaction that comes with the peace of mind that you and your family are properly protected.

To speak to a member of our team please call 0208 309 3434.




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