50 percent of high net worth individuals believe they are underinsured

More than half (54 percent) of high-net-worth individuals are concerned that they are underinsured, with many worried they are buying insurance that may be inadequate for their needs, according to new research by Chubb.

In spite of this, the research of 500 high net worth individuals in the UK, Ireland and France, reveals that only three in ten of respondents look for insurers or brokers that are experts in high net worth insurance, and fewer than a fifth (19 percent) buy from a specialist broker.

The research paints a largely positive picture for insurance brokers and carriers with close to seven out of ten respondents (68 percent) having confidence in their insurance provider and their level of expertise. At the same time, HNWIs expect carriers to invest more in an omnichannel communications approach that focuses on online (42 percent), phone (40 percent) and mobile (34 percent) channels.

Jeremy Miles, senior vice president, personal risk services for Chubb in Europe, said: "The findings of our research underline the need for brokers and carriers alike to develop an even stronger service proposition for their private clients. If they are unable to give HNWIs complete peace of mind, there are others in the industry who will gladly step up.

"For Chubb, a commitment to superior service is the cornerstone of our high-net-worth proposition. From appraising a valuable collection through to our policy that covers everything that’s not specifically excluded, to handling complex claims, we will continue to invest in service levels that exceed expectations."

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