’Brokers play an important role in helping HNW clients understand the risks they are facing,’ says art and private client business director
Insurance brokers have been urged to speak to high net worth (HNW) clients as new research found two in five were worried they overshare information on social media.
Ecclesiastical Insurance surveyed 257 UK HNW individuals with an income of at least £200,000 per annum or liquid assets of at least £1m.
In a statement released today (17 May 2023), the insurer revealed 42% were concerned they overshare information online about their home or lifestyle.
And some 46% were worried friends and family could be oversharing information about them.
Ecclesiastical warned social media activity can provide criminal gangs with clear patterns and routines and urged brokers to speak to clients about the risks of too much information being online.
Sarah Willoughby, art and private client business director at Ecclesiastical, said: “Our latest research shows HNW individuals are concerned they, their friends and their families are oversharing information on social media about their homes or lifestyles.
“Brokers play an important role in helping HNW clients understand the risks they are facing and in ensuring they have the right cover in place.”
The survey also found that in response to experiencing crime, wealthy individuals were making lifestyle changes.
More than a third (35%) reported changing routines and 30% came off social media.
Ecclesiastical highlighted that Molly Mae reduced her social media usage and vowed to be more careful after being burgled in 2021.
The insurer urged brokers to follow its new guidance to help HNW clients minimise the risk of being targeted by criminals.
Willoughby added: “We hope our new guidance will help brokers speak to their clients about how they can best protect themselves.”