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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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French fintech Lydia launches digital banking app Sumeria
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
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