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Navigating Risk
and Resilience in High-Net-Worth Insurance
Risk, Readiness and Resilience
The Canadian high-net-worth insurance market has been defined by volatility throughout the first half of 2025 as climate-related disasters, rising claims costs and economic pressures have strained private client insurance portfolios.
Carriers continue to review their property exposures in catastrophe prone areas, impose stricter underwriting requirements and reduce coverage options across key asset classes including luxury residences, fine art, yachts and collectibles. However, there is more competition than in recent years. Proactive risk mitigation and strategic insurance planning are essential for clients seeking to preserve insurability and financial protection.
It’s a good time for insureds to work with a trusted advisor to ensure they have the right coverage for their assets and discuss what steps they can take to improve risk exposure.
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Rising Disaster Costs Lead to Stricter Coverage Reviews & Limited Options
The destructive wildfires of 2024 are still impacting rates so far this year, and that is likely to remain the case as the spring and early summer months brought more devastating fires across Canada.1
Rebuilding after large-scale catastrophes is becoming more difficult and expensive, and tariffs could drive up the costs of construction materials even more. Labor shortages and supply chain constraints continue to delay restoration timelines and add to rebuilding costs. High-net-worth families and individuals must now contend not only with the challenge of obtaining coverage but also with navigating complex, protracted recovery efforts in the aftermath of a loss. This has led to more limited coverage options for certain risks and locations.
As carriers try to reduce their overall exposure to these risks, underwriting has become more holistic and data driven. Carriers now assess not only the primary residence, but also ancillary assets such as high-end automobiles, fine art collections, yachts and vacation homes. Garaging locations for vehicles, elevation relative to flood risk and fireproof construction methods are all heavily scrutinized on new business and renewals. This has led to more limited coverage options for certain risks and locations.
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Risk Mitigation and Alternative Coverage Options
Clients with proactive risk management strategies are being rewarded with more favourable pricing and improved access to coverage. This includes investments in hardened exteriors, fire-resistant landscaping and elevated garaging for high-value vehicles. Carriers also look favourably on properties with compliant building codes and recent upgrades.
The long-term impact of climate volatility and social inflation will continue to shape underwriting decisions, however, particularly for high-exposure properties and portfolios with layered asset types.
also exploring alternative risk solutions like parametric policies or partial self-insurance to fill coverage gaps. While wholesale & Managing General Agent (MGA) markets offer needed capacity, they do so with fewer policyholder protections and less predictable pricing. Clients should work closely with their advisers to understand the implications of these solutions.
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Preparing for the Remainder of 2025
To navigate this environment effectively, clients must:
Partner with a specialist broker who understands high-net-worth complexity.
Re-evaluate coverage limits, particularly around rebuilding costs and asset valuations.
Consider adjusting deductibles to fund property upgrades and better align with market expectations.
Implement risk mitigation measures wherever possible — clear brush around properties, install fire-resistant materials and water control systems.
Anticipate expanded underwriting across all luxury assets, not just primary homes and begin renewal process early to ensure no coverage lapses.
With the right guidance, affluent families can move from reactive risk management to a position of control — prepared for both today’s challenges and tomorrow’s uncertainties.
Mid-Year Rate Report
Based on proprietary insurance premium data, HUB’s network of experts provides insights into the state of the insurance marketplace each quarter. Download our Rate Report to receive detailed rate insights and learn how insurance rates may impact your total cost of risk.
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About Us
HUB Private Client
When you partner with HUB Private Client, you’re at the center of a vast network of experts who will help you reach your goals and remain resilient into the future. For more information on how to manage your insurance costs and reduce your risk, talk to a HUB Private Client Risk Advisor. We’re here to help.
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Private Client Risk Advisors
WashingtonPost.com, “Canada has already surpassed a year’s worth of charred land from wildfires,” June 10, 2025.
Many clients are choosing to assume more risk through higher deductibles. Rather than pocketing the premium savings, they are reinvesting in home improvements that reduce overall exposure. These measures not only improve insurability but also contribute to long-term resilience and loss prevention.
As the traditional markets continue to contract, particularly in areas with repetitive CAT exposure, more clients are
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