Wealthier Clients & You — What They Want

The Federal Reserve tracks numbers like who has what amount of assets and money. It recently noted the number of U.S. households with net assets of $1 million or more grew a staggering 63% between 2019 and 2022. Canada — says Credit Suisse — saw millionaire numbers jump 23% in 2021.

The point being that there are more millionaires in North America than we’ve ever seen.

In December Chubb released the first of what’s going to be an annual data report titled, Wealth Report. In the first report, Chubb interviewed 800 individuals with assets to invest totaling at least $500,000.

The majority of those interviewed — 79% — had assets between $1.5 million and $50 million. And they all talked about risk and the possibility of property damages and theft of art, collectibles and other items.

Of those surveyed, 80% said they own fire art, jewelry, wine and cars. But they’re often not properly protected for theft and other loss causes. The report said this is especially true of younger people.

“Many young collectors own valuable articles and assets before they buy their first house, and may not think about insuring those items – this creates a challenge for insurers to find new ways to establish a relationship with them,” the report said.

Those surveyed were also worried about being the victim of a liability lawsuit. Chubb said 92% have concerns about the size of a settlement if they’re sued. Sadly, of those worrying about the liability lawsuit, just 36% have an excess liability insurance policy.

Here’s how the more wealthy among us are getting advice on risk:

  • 73% rely on financial advisors and wealth managers
  • 71% manage things on their own
  • Just 59% say they rely upon an independent insurance agent to protect themselves

All that leads to questions about how an insurance agent can help wealthy clients, and

Chubb’s Wealth Report says you can attract them to you by: 

1. Being available to meet face to face

2. Being available to answer questions

3. Offering advice on risk prevention and have a complete, and educated understanding of the risks they face

4. Making sure the risks they have are adequately covered

5. Keeping the client up to speed on possible gaps in their coverage

6 Offering a selection of the best carriers and products for their needs

7. Making the purchase of insurance as easy as possible

8. Having lots of empathy when something bad happens and a claim needs to be filed

9. Being digitally savvy so these clients can manage their insurance online

Source link: PropertyCasualty360.com — https://bit.ly/3SONpA2

About PIA Western Alliance

The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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