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Chubb Report: Damage During Home Renovations and from Extreme Weather are Top Concerns of U.K. High Earners
Inaugural Wealth Report survey offers insight on the wealthy, their passions, and protecting what matters
LONDON, April 25, 2024 /PRNewswire/ — Extreme weather, the competitiveness of the U.K. economy, and challenges to building and preserving wealth: these are among the top concerns of the U.K.’s highest earners. Yet many of the most damaging threats on the minds of the wealthy are much closer to home. More than seven in 10 (71%) said that damage during renovations was the greatest risk to their homes, while half are worried about exposure to extreme weather due to climate change.
These are some of the key findings of the inaugural Wealth Report from Chubb, which gauges perceptions of affluent people about their passions, mindset about wealth, and the risks they face in protecting what matters most to them.
Stephen Vaughan, Chubb’s Head of Personal Risk Services in Europe, said: “In places where there is less available space, such as London and the home counties, more people are building subterranean living spaces, sometimes going down three or four stories. Such renovations entail significant changes to the floor plan and often increases the risk of flooding. The Wealth Report provides an insightful lens into the concerns and pressures the affluent are facing in the U.K. It shows a shift in how they value and invest their wealth, who they seek advice from to protect it, and what keeps them up at night.”
Theft is a primary concern. Nearly nine in 10 respondents (86%) said that theft is the primary worry when it comes to their collections, with many believing social media exposure is making them more of a target for thieves. “Watch thefts have risen dramatically,” said Vaughan. “It is really important for collectors to think about their surroundings and whether they really want to wear their most expensive pieces in places where they are hard to protect.”
Eight out of 10 respondents are collectors of fine art, jewellery, watches, cars, wine and other valuables. More than six in ten (62%) say they have a passion for what they collect, while 38% see it primarily as an investment.
Building wealth is now more challenging than ever before. Half of the U.K.’s most affluent do not yet consider themselves wealthy, and 72% say that affluence, upward mobility and prosperity are out of reach for middle-income families. Survey respondents are also working harder to keep their wealth: the majority (68%) are working, and 39% say they would prefer never to retire.
What keeps successful people up at night? Competitiveness of the U.K. economy was perceived as the greatest risk to affluent individuals’ wealth and lifestyle, with over three quarters (77%) of respondents identifying this as a top concern. Government spending, and conflicts between global powers, were also issues that 35% of respondents said kept them up at night.
The complete Chubb Wealth Survey report findings can be found here.
Chubb Wealth Report Survey Methodology
Findings are based on a survey of 350 high net worth individuals in the United Kingdom, conducted by iResearch Services in September and October 2023 on behalf of Chubb Personal Risk Services. Respondents have a net worth from £1 million upwards. Participants reside predominately in London and surrounding suburbs.
About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 40,000 people worldwide. Additional information can be found at: www.chubb.com.
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