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. Successful Canadian 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. This will require more frequent, wider-ranging discussions with their risk advisors.
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
Theme Name
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt.
With higher premiums come harder choices.
1 | Reassessing Risk Exposures
Only 31%
of high-net-worth families are willing to accept greater financial risk to lower their insurance costs, a decrease from 39% in 2023.1
Protecting the rising value of valuables.
2 | Covering Collectibles
"Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt cupidatat non."
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, 73% of Canadian respondents to the HUB International 2025 Outlook High-Net-Worth Survey2 reported 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 Risk 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 US$2.2 million.3 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 20 degrees Celsius. 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 Canada are down significantly from the peak in 2003, but they still remain high at more than 130,000 incidents.5 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 has created a growing risk for affluent families. Illnesses and accidents are the leading cause of losses, particularly in regions with less developed medical infrastructure.6 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 CAD$140,000.7
Cybercrime has become the leading criminal threat to the assets of HNW families. Global cybercrime is projected to reach
CAD$13.9 trillion by 2025, and ultra-HNW families and family offices are prime targets.8 In fact, 79% of North American families report that the threat of cyberattacks has “increased dramatically in the past few years.”9 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, adding roughly 7% to a settlement in Canada in recent years.10 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 Risk 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
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip.
Download Report
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor.
4 | Theme Name
Navigating Your Next Steps
HUB Private Client Risk Advisors will work with you to develop a tailored strategy for 2025.
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. 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
Todd Peterson
Linkedin Profile
Vice President
Dominique Duquette
Private Client
Linkedin Profile
Vice President
Monique Mehl
Private Client
Linkedin Profile
Vice President
Tracy Spark
Private Client
Linkedin Profile
Job Title Here
Firstname Lastname
Practice Name Here
Linkedin Profile
Job Title Here
Firstname Lastname
Practice Name Here
Linkedin Profile
Risk Advisor
Jordan Cash
Private Client
Linkedin Profile
Risk Advisor
Carmen So
Private Client
Linkedin Profile
HUB Private Client
When you partner with us, you’re at the centre 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
With changes to the capital gains inclusion rate, a higher tax liability faces those...
Article
Read now
Historic flooding events are on the rise, and most Canadians don’t even realize they...
Article
Read now
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor...
Outlook Report
Read now
2 | Theme Name
3 | Theme Name
4 | Theme Name
4 | Theme Name
3 | Theme Name
1 | Theme Name
4 | Theme Name
1 | Theme Name
2 | Theme Name
1 of 12
2 of 12
3 of 12
4 of 12
5 of 12
6 of 12
7 of 12
8 of 12
Related Resources
3. Sneaker Freaker, Michael Jordan’s Six Game-Worn Championship Sneakers Sell For Record-Breaking $8 Million, February 4, 2024.
4. HUB International Outlook High-Net-Worth Survey
5. Statista, “Number of burglaries in Canada from 2002 to 2023,” August 15, 2024
6. Novo-monde, “The risks of traveling and how to prevent them,” February 10, 2024
7. Swiss Re: ”Litigation costs drive US liability claims by 57% over past decade," September 7, 2024.
8. Cybercrime Magazine, “Cybercrime To Cost The World $10.5 Trillion Annually By 2025,” Accessed November 7, 2024.
9. CNBC, “Family offices become prime targets for cyber hacks and ransomware,” May 21, 2024.
10. Swiss Re: ”Litigation costs drive US liability claims by 57% over past decade," September 7, 2024
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 International Outlook 2025 High-Net-Worth Survey
2. HUB polled 200 high-net-worth individuals and their advisors on issues relating to risk tolerance, property and investment insurance coverage.
$2.2 million
The auction sale price of a single pair of Michael Jordan’s game-worn sneakers.
0%
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt cupidatat non.
0%
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt cupidatat non.
0%
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt cupidatat non.
Transportation
Real Estate
Nonprofit
Hospitality
Healthcare
Financial Institutions
Entertainment & Sports
Education
Construction
Cannabis
Agribusiness
Back to Main Menu
Private Client
Employee Benefits & Retirement
Back to Main Menu
CA | FR
US | EN
Industry Outlooks
Product Outlooks
North American Outlook
Sitemap
Terms & Conditions
Privacy Statement
© 2024 HUB International Limited. 150 N Riverside Plaza, 17th Floor, Chicago, IL 60606. All rights reserved.
Industry Outlooks
Employee Benefits & Retirement
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
Private Client
Employee Benefits & Retirement
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
Private Client
25%
of HNWI respondents cited safety as one of their emerging top concerns, up from 15% only a year ago.4
$2.2 million
The auction sale price of a single pair of Michael Jordan’s game-worn sneakers.
CA | EN
CA | FR
US | EN
CA | EN
Transportation
Real Estate
Nonprofit
Hospitality
Healthcare
Financial Institutions
Entertainment & Sports
Education
Construction
Cannabis
Agribusiness
Industry Outlooks
Industry Outlooks
Private Client
Employee Benefits & Retirement
Product Outlooks
Product Outlooks
North American Outlook
