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
"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
Key findings and recommendations from the 2024
- 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
HUB 2024 Outlook High Net Worth Survey Methodology
Conducted earlier this year, the HUB 2024
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