Private Client
Ever-evolving risk requires proactive strategies to protect affluent families.
Download Report
What to Expect in 2025
With traditional insurance coverage continuing to become more expensive and less easily available, a more proactive approach to risk management will be required. Affluent families will need to be increasingly cognizant of potential risks in their lives and take proactive steps to safeguard their loved ones, assets, personal data and financial security. Given their dynamic lifestyles and the ever-shifting risk environment, families need to be vigorously engaged in improving their resilience and managing their risk exposures.
Download Report
1
Reassessing Risk Exposures
With Higher Premiums Come Harder Choices
2
Covering Collectibles
Protecting the Rising Value of Valuables
3
Safety and Security
Evolving Threats at Home, Away and Online
4
Future Preparedness
Resiliency and Multigenerational Legacy
With Higher Premiums Come Harder Choices
1 | Reassessing Risk Exposures
25%
of HNW respondents cited safety as one of their emerging top concerns, up from 15% only a year ago.1
Protecting the Rising Value of Valuables
2 | Covering Collectibles
2.5 million:
number of burglaries in 2023, leading to an estimated loss of $3.4 billion.
Evolving Threats at Home, Away and Online
3 | Safety and Security
For many affluent families, risk management has become less a matter of how much premiums will cost and more an issue of how much financial risk they are willing and able to accept. Either by choice or due to lack of a better option, more families are assuming higher levels of exposure, a trend that is expected to continue.
As severe weather events continue to push insured losses to record levels across North America, the cost of coverage continues to rise. Carriers are steadily reducing their exposure to the highest risk areas – some carriers have exited catastrophe-prone areas altogether – rendering some of the highest value homes in regions more susceptible to wildfires and hurricanes all but uninsurable. Not surprisingly, 69% of the respondents to the HUB International 2025 Outlook High-Net-Worth Survey reported that they have faced challenges securing sufficient property insurance in the past year. The solution for some is to redefine what they consider to be “sufficient.”
Most HNW families are already engaging in some level of self-insurance, typically by setting deductibles higher or dropping
riders to reduce their premiums. The small but growing number who are choosing to fully self-insure face a far more complex set of issues. That’s largely because the value of insurance goes well beyond claims settlements. Carriers who work with affluent families typically provide services to improve resiliency, issue warnings when major weather events are imminent and mobilize recovery vendors and contractors to repair damage. Those who self-insure would have to secure those services on their own.
As the trade-offs between the cost and level of coverage become more complex, it will be increasingly important for affluent families to work with a qualified risk advisor to determine the optimal balance.
Case Study
A HUB client who purchased a $1 million yacht had been declined coverage by several brokers, and the asset was uninsured. Working with a HUB Private Client advisor, the client was able to secure coverage through HUB’s expertise and strong carrier relationships. As a result, the client further engaged HUB to evaluate all of his personal insurance policies.
Download Report
In April 2023, a single pair of Michael Jordan’s game-worn sneakers sold at auction for a record $2.2 million.2 While the proud owners would likely be able to secure insurance coverage, the situation may be quite different if the shoes had been damaged or destroyed before their value was documented. What lessons might this hold for other passionate collectors?
The collectibles markets are notoriously volatile, with prices tending to soar and retreat as different types of rarities come in and out of vogue. While there is little protection for market losses, there are important considerations for protecting the value of collectibles through proper storage and handling and for adequately insuring against loss due to damage or theft. For example, a collection of rare bourbon can lose most of its value if a backup generator does not kick in during a power outage,
and the storage space temperature exceeds 70 degrees Fahrenheit. It can also easily exceed the standard rider on a homeowner’s policy if a few cases go missing.
The best protection starts with a current assessment of the value of the objects you collect, particularly those that have become the latest hot commodity or an iconic status symbol, like Hermès Birkin bags. That value should be documented by a qualified appraiser, and depending on the nature of your collection, you may need experts to provide guidance on display, storage and transportation. Regardless, a risk advisor should be consulted so you understand the limits of your coverage and can determine how best to protect the investments you have made in the objects you value.
Download Report
The HUB International 2025 Outlook High-Net-Worth Survey revealed that affluent families feel an increasing sense of vulnerability. One-quarter of respondents said theft and accidents had a “high” or “very high” impact on their wealth, a 40% increase over the prior year. Nearly a third also cited cybercrime as having a negative impact. It is less clear whether those perceptions are in sync with the nature and magnitude of most likely threats.
Home burglaries in the United States trended down 3.8% from 2023 through 2024, though remained at a high level: 2.5 million burglaries led to an estimated loss of $3.4 billion.3 Of course, the threats to any given family are highly localized, and affluent families are well advised to have a thorough security review conducted.
A steady rise in international travel is creating an increasing level of risk for affluent families. Illnesses and accidents are the leading cause of losses, particularly in regions with less developed medical infrastructure.4 Insurance that covers rescue and medical evacuation costs is highly recommended for the more adventurous, as costs for those services can run as high as $100,000.
Cybercrime has become the leading criminal threat to the assets of high net worth families. Global cybercrime is projected to
cost $10.3 trillion in 2025 and $15.6 trillion by 2029,5 and ultra-high-net-worth families and family offices are prime targets. In fact, 79% of North American families report that the threat of cyberattacks has “increased dramatically in the past few years.”6 In addition to professional cybersecurity reviews, affluent families should consult their risk advisors to determine if cyber insurance policies are warranted.
Social inflation is driving liability claims far faster than can be explained by economic factors, contributing to a 57% rise in U.S. settlements over the past 10 years.7 Fifty-three percent of HNW respondents to the HUB survey feel they have adequate liability coverage, yet a significant number of affluent families do not have umbrella liability coverage that covers their net worth, making it essential to review policies and limits with their advisor annually.
Case Study
A professional sports team experienced an office data breach, and one of the executives leveraged their relationship with HUB’s Private Client advisors to step in to mitigate the damage. As a result of HUB’s deep expertise in handling sensitive cyber events, the business was able to quickly resolve the issue, minimize impact and enhance safety protocols to prevent repeat events.
Download Report
Looking ahead, the greatest threat to generational wealth is not wildfires or hurricanes, but the younger generation’s awareness of the importance of assessing and proactively mitigating the many risks they will face. This begins with age-appropriate education, as early as elementary school when it comes to personal safety and privacy. As kids get older, increasing participation with family advisors can help make risk management a part of becoming a responsible adult.
There is also a more immediate issue on the horizon. The temporary U.S. federal gift and estate tax exemption, established in 2018, is set to expire in 2026. If no legislative changes occur before then, the exemption will return to its 2018 limits: $6.03 million for individuals and $12.06 million for married couples.
This change could affect over a million American households by subjecting them to increased federal wealth taxation. Families planning to transfer assets exceeding these limits should seek advice on minimizing tax liabilities through strategies such as trusts, family LLCs and other financial tools. This is particularly relevant for owners of privately held businesses who can significantly reduce their tax burden with proper pre-sale planning.
Wealthy families should also account for environmental risks in their long-term financial planning. Those wishing to retain primary or vacation properties for future generations should consider how climate-driven losses might affect the cost to maintain prominent homes, as well as their future value.
Download Report
Building resiliency and multigenerational legacy.
4 | Future Preparedness
Navigating Your Next Steps
HUB Private Client Risk Advisors will work with you to develop a tailored strategy to protect your properties, and assets and build resiliency for 2025. Here are some initial considerations:
1
Educate the next generation.
Retaining family wealth involves more than good investments and risk mitigation — it also requires preparing the next generation. Educate younger family members on how to manage risk. Ask your broker to participate in the discussion to answer questions and provide a picture of the family’s exposures.
Invest time and money in mitigation measures.
2
From installing wildfire-resistant landscaping and water sensors to upgrading cybersecurity, a little risk reduction can have an outsized impact on increasing your insurability. Don’t forget to protect your other assets: Adequately safeguard valuables, store fine art in temperature- and humidity-controlled rooms, and dock your yacht at a marina with 24-hour security.
Today’s challenging insurance marketplace requires creativity. Don’t be afraid to look into options beyond the traditional marketplace, including securing coverage from unique wholesalers. From excess and surplus (E&S) coverage to self-insurance options, your broker can find the best mix to mitigate risk for generations to come.
Consider unconventional insurance options.
3
Let your insurance broker know about any major life changes or planned property purchases to ensure you’re as protected as possible. Review exposures and insurance needs at least 90 days prior to your policy renewal to allow your broker to find the optimal mix of coverage for your family’s needs.
Be transparent with your broker.
4
Be Prepared
Download our 2025 Private Client Outlook and Insurance Market Rate Report to see what to expect in the coming year.
Download Report
Meet the Experts
Practice Leader
Private Client
Katherine Frattarola
Linkedin Profile
Chief Operating Officer
Eric Showalter
Private Client
Linkedin Profile
Chief Sales Officer
Robb Lanham
Private Client
Linkedin Profile
Chief Risk Officer
Frank DiGrande
Private Client
Linkedin Profile
Job Title Here
Firstname Lastname
Practice Name Here
Linkedin Profile
Job Title Here
Firstname Lastname
Practice Name Here
Linkedin Profile
Job Title Here
Firstname Lastname
Practice Name Here
Linkedin Profile
Chief Marketing Officer
John Meek
Private Client
Linkedin Profile
Job Title Here
Firstname Lastname
Practice Name Here
Linkedin Profile
Job Title Here
Firstname Lastname
Practice Name Here
Linkedin Profile
Job Title Here
Firstname Lastname
Practice Name Here
Linkedin Profile
Job Title Here
Firstname Lastname
Practice Name Here
Linkedin Profile
HUB Private Client
When you partner with us, you’re at the center of a vast network of experts who will help you reach your goals. For more information on how to manage your insurance costs, reduce your risk and take care of your employees, talk to a HUB Private Client Risk Advisor.
About Us
$1B+
in premiums brokered
40,000
Private Client accounts
500
Private Client Risk Advisors
Going it Alone: Risk Management Practices for Self-Insured, High-Value Properties
Report
Download now
Fly with confidence knowing that your aircraft is safeguarded
Aviation Risk Services
Read now
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor...
Outlook Report
Read now
2 | Covering Collectibles
3 | Safety and Security
4 | Future Preparedness
4 | Future Preparedness
3 | Safety and Security
1 | Reassessing Risk Exposures
4 | Future Preparedness
1 | Reassessing Risk Exposure
2 | Covering Collectibles
2 | Covering Collectibles
1 | Reassessing Risk Exposure
3 | Safety and Security
1 of 5
2 of 5
3 of 5
4 of 5
5 of 5
6 of 12
Related Resources
Transportation
Real Estate
Nonprofit
Hospitality
Healthcare
Financial Institutions
Entertainment & Sports
Education
Construction
Cannabis
Agribusiness
Back to Main Menu
Retirement
Private Client
Personal Insurance Marketplace
Employee Benefits
Back to Main Menu
CA | FR
CA | EN
Industry Outlooks
Product Outlooks
North American Outlook
US | EN
CA | FR
CA | EN
US | EN
Transportation
Real Estate
Nonprofit
Hospitality
Healthcare
Financial Institutions
Entertainment & Sports
Education
Construction
Cannabis
Agribusiness
Industry Outlooks
Industry Outlooks
Retirement
Private Client
Personal Insurance Marketplace
Employee Benefits
Product Outlooks
Product Outlooks
North American Outlook
3. Securiteam, “US Burglary Statistics 2024,” April 23, 2024.
4. Novo-monde, “The risks of traveling and how to prevent them,” April 10, 2024.
5. Statista, “Estimated cost of cybercrime worldwide 2018-2029,” July 30, 2024.
6. CNBC, “Family offices become prime targets for cyber hacks and ransomware,” May 21, 2024.
7. Swiss Re, “Litigation costs drive US liability claims by 57% over past decade, reveals Swiss Re Institute,” September 7, 2024.
8. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo.
9. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo.
10. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo.
11. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo.
12. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo.
13. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo.
14. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo.
15. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo.
16. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo.
17. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo.
18. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempo.
1. HUB polled 200 high net worth individuals and their advisors on issues relating to risk tolerance, property and investment insurance coverage.
2. Sneaker Freaker, “Michael Jordan’s Six Game-Worn Championship Sneakers Sell For Record-Breaking $8 Million,” February 4, 2024.
$2.2 million
The auction sale price of a single pair of Michael Jordan’s game-worn sneakers.
0%
The younger generation’s inability to assess and mitigate risk represents the greatest threat to generational wealth.
$2.2 million
The auction sale price of a single pair of Michael Jordan’s game-worn sneakers.
The younger generation’s inability to assess and mitigate risk represents the greatest threat to generational wealth.
Sitemap
Terms & Conditions
Privacy Statement
© 2024 HUB International Limited. 150 N Riverside Plaza, 17th Floor, Chicago, IL 60606. All rights reserved.
Industry Outlooks
Retirement
Private Client
Personal Insurance Marketplace
Employee Benefits
Product Outlooks
Transportation
Real Estate
Nonprofit
Hospitality
Healthcare
Financial Institutions
Entertainment & Sports
Education
Construction
Cannabis
Agribusiness
North American Outlook
Keep pace with the latest trends.
Stay in the Know
Subscribe
Learn more about us. Visit hubinternational.com
Sitemap
Terms & Conditions
Privacy Statement
© 2024 HUB International Limited. 150 N Riverside Plaza, 17th Floor, Chicago, IL 60606. All rights reserved.
Subscribe
Keep pace with the latest trends.
Stay in the Know
Industry Outlooks
Retirement
Private Client
Personal Insurance Marketplace
Employee Benefits
Product Outlooks
Transportation
Real Estate
Nonprofit
Hospitality
Healthcare
Financial Institutions
Entertainment & Sports
Education
Construction
Cannabis
Agribusiness
North American Outlook
Learn more about us. Visit hubinternational.com
