Wealth at Risk: How High Net Worth Families Overpay to Be Underinsured

Executive Summary

Independent insurance agents and brokers frequently find that families with substantial assets who insure their homes, autos, watercraft, and valuable collections with mass- market, heavily advertised carriers, overpay for protection that still leaves them exposed to severe financial loss.

What are the specific risks, and why are these high net worth (HNW) families paying more than necessary? To find out, Chubb Personal Risk
Services surveyed more than 600 independent insurance agents and brokers in 2010 and again in 2012 about their new HNW clients who
were previously insured by a mass-market carrier. The survey asked if the clients were likely overinsuring or underinsuring for 21 types
of coverage. It also asked about the likelihood of 11 types of savings opportunities being missed.