Risk & Reward: 2024 High-Net-Worth Insurance Trends Report

Poor customer experience (CX) is a massive barrier to entry for many affluent customers who expect a personalized experience. The insurance industry has often lagged behind other sectors, such as banking. This year, we will see a shift in this trend as 85% of insurers are now working on new initiatives to improve their digital customer experience strategy.

Home insurance premiums have increased by as much as 40% in the past year. We deep dive into why home insurance premium pricing has increased, covering factors such as home values and reconstruction costs, inflation, labor shortage in skilled construction, and increased claims events.

There are about 170,000 ultra-high-net-worth individuals in the US (those with a net worth greater than $30M), and $40 billion has been spent on ultra-luxury homes. These homes often have higher risks, more difficulties finding adequate coverage, and need more customization to their policies. Ultra-high net worth insurance coverage has grown under excess & surplus lines (E&S), also known as custom home insurance, driving a record growth increase of 31.8%.

Creating a resilient home is key to safeguarding both property and lives in the face of potential threats. Vault utilizes data to see where common risks occur, what causes the most damage and impact, and how we can provide exceptional service and education. We can then paint the picture of potential vulnerabilities for our customers and educate them to create home resiliency. We have included risk mitigation strategies for our top claims events, so you can proactively protect your legacy.

Luxury auto insurance, collections insurance (including fine art insurance and jewelry insurance), and excess liability insurance are additional policies that can help ensure that all your prized possessions are protected. We highlight some top trending risks, insights, and ways to keep your valuables safe.