An untapped market
The high-net-worth market remains largely untapped but, as Andrew Tjaardstra discovers, confidence among brokers is high as they compete for this lucrative share of the market by offering high levels of service and cover
John Sims, Chubb Insurance's European head of personal lines, estimates the high-net-worth market is worth between £800m and £1bn, with individuals paying premiums of £3000 and above for their home insurance.
However, it is estimated that 75% of HNW individuals choose standard insurance cover through banks, direct writers and building societies.
Given the different interpretations of HNW status within the industry, the number of HNW individuals in the UK is debatable. A recent survey by
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