THE HUB INTERNATIONAL 2024 OUTLOOK HIGH NET WORTH SURVEY SPOTLIGHTS GLARING GAPS IN RISK MANAGEMENT TO SAFEGUARD WEALTH

Lack of Preparedness Increases Vulnerabilities in Financial Security, Property and Possession Protection, Personal Information and Reputation Management in Times of Crisis

CHICAGO, Dec. 6, 2023 /PRNewswire/ -- Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, released its 2024 Outlook High Net Worth Survey, which assesses the issues affecting affluent families' profitability and resiliency, and offers key actions to consider in safeguarding their wealth for the future. The survey highlights that most affluent individuals believe they have a personal risk management program that adequately covers all aspects necessary to mitigate exposures. However, given the changing landscape, their perception of preparedness doesn't meet reality with few affluent families updating risk management procedures.

"Elevated interest rates, economic uncertainty and the rising frequency and severity of serious weather events are among many factors making it more challenging to preserve and safeguard wealth than ever before," said Katherine Frattarola, HUB Executive Vice President, Head of HUB Private Client. "The survey respondents identified that affluent individuals need to take a more all-encompassing approach to their risk management strategies and leveraging insurance to protect their homes and most-prized possessions, personal information and reputation, and preserve multi-generational wealth against future risks."

Key findings and recommendations from the 2024 Outlook High Net Worth Survey are:

• Close the gap between perceived and actual preparedness. Nearly 90% of affluent individuals surveyed believe they have a program that adequately covers all aspects necessary to mitigate risk. However, only 16% of affluent families have recently updated risk management procedures, only one in five of respondents are increasing limits or layering policies to reduce risk, fewer than one third believe they have adequately protected themselves from cyber threats, and more than half do not have a risk mitigation protocol for travel. Affluent individuals and families should Invest time and money in mitigation measures, reducing risk and increasing insurability.
• Use insurance as a tool to mitigate financial risk. As the insurance market tightens, affluent families will need to approach risk mitigation holistically, looking beyond the traditional homeowner's, auto and umbrella liability coverages to protect and support their lifestyle. From excess and surplus coverage to self-insurance options, wealthy families must find the best mix to mitigate risks for generations to come.
• Develop an adaptive and effective strategy in preserving multi-generational wealth. With high-net-worth families, education is the key to future risk preparedness. The next generation needs to understand exposures and vulnerabilities, and how those risks are being addressed — whether it's through a policy, self-insured or a combination — as well as the policy details and exclusions.

Read more insights on the HUB 2024 Outlook High Net Worth Survey, here.

HUB 2024 Outlook High Net Worth Survey Methodology
Conducted earlier this year, the HUB 2024 Outlook High Net Worth Survey polled 200 high-net-worth individuals and their advisors on the issues affecting affluent families and strategies to safeguard wealth. HUB also conducted the HUB 2024 Outlook Executive Survey, which surveyed 900 business leaders across corporate, risk, human resources and education/non-profit functions from companies in 11 sectors in the U.S. and Canada. Survey findings present insights into the risks that companies perceive in the present and future, their level of preparedness and the measures they plan to take to mitigate the identified risks.

About HUB International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 17,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information, please visit www.hubinternational.com. 

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SOURCE Hub International Limited