More than 50 per cent of individuals with high net worth have a common concern – underinsurance. According to a new research conducted by Chubb, an insurance firm, exactly 54 per cent of high net worth entities is concerned about their state of insurance. Despite this fact, not even one third of the figure or 30 per cent are trying to hunt for insurers or brokers that specializes in insuring high net worth individuals. Less than one fifth or 19 per cent are buying from expert brokers.
The survey was conducted with high net worth individual participants coming from different countries including Ireland, France and United Kingdom. Many of these individuals are concerned about the fact that they may be buying insurance that does not fit their specific needs.
According to the senior vice president under the personal risk services of Chubb based in Europe, Jeremy Miles, the concerns coming from these individuals highlights the fact that there is a demand for brokers and carriers at the same time to create stronger services that will meet the demand of private clients.
He added that if the brokers and specialists are not able to provide the peace of mind that high net worth individuals are looking for then there is a big chance that other entities in the industry might take their place eventually.
All of the participants of the survey are individuals with a total net worth of more than £1 million which does not include property values while 35 per cent of them have a net worth of more than £5 million.
When asked about the service that they are looking for, the survey revealed that high net worth individuals have three main priorities – 63 per cent wanted a strong relationship among the management while only using a single contact, 63 per cent are looking for high responsiveness and 53 per cent are searching for brokers and insurers that will go beyond their duty to make sure the client is top priority.
While looking for the ideal insurer and broker, it is also important to ensure that they are fully covered with reliable insurance such as audit shield.