‘Brokers play an important role in helping high net worth clients understand the risks they are facing,’ says art and private client business director
New research from specialist insurer Ecclesiastical’s has revealed that half of high net worth (HNW) clients believe they would benefit from more crime and security guidance from their insurer or broker – presenting an opportunity for brokers.
The rise of inflation and cost of living has led to an increase in crimes such as theft, trespassing, home intrusions and criminal damage, said the insurer.
This has caused increasing concern among HNW clients, with three in five survey respondents more concerned about the impact of crime since the cost of living crisis began.
Ecclesiastical’s research highlighted that, in the last 12 months, more than half of surveyed HNW clients were the victims of a crime.
The insurer surveyed 257 UK-based HNW individuals between 5 and 12 December 2022.
In 2022, almost half became victims of theft, while one in five experienced trespassing, home intrusions and criminal damage.
The average cost of one of these claims reached £72,000.
The research also revealed that London resident HNW clients aged between 25 and 54 were more likely to have experienced a crime.
Ecclesiastical’s research showed that there had been an increase in individuals investing in crime prevention – seven in ten of its surveyed clients had introduced new measures to protect their homes and deter criminals.
Over the last 12 months more than a third of respondents had made investments in CCTV, security lighting and upgraded locks for doors and windows.
Additionally, one in five had installed safe rooms or panic rooms during the past year.
Although many have invested in securing their homes, more than half believe they need further security improvements.
A third of respondents believed that their home was an easy target for criminals and more than half are anticipating an increase in crime over the next year.
Sarah Willoughby, art and private client business director at Ecclesiastical, said: “Amidst the cost of living crisis, those who have more to lose are becoming a greater target for criminals.
“Our latest research shows more than half of high net worth individuals were victims of a crime in the past year and three in five are more concerned about crime since the cost of living crisis.
“Brokers play an important role in helping high net worth clients understand the risks they are facing and in ensuring they have the right cover in place.”