Chubb pinpoints top concerns for high earners in the UK

Building wealth continues to be more challenging, new report reveals

Chubb pinpoints top concerns for high earners in the UK

Insurance News

By Kenneth Araullo

Severe weather, economic competition, and wealth preservation are major concerns among the United Kingdom's affluent, according to a new report by Chubb.

The 2023 Wealth Report, which surveys high earners, highlights internal and external risks that these individuals perceive.

The findings revealed that a significant 71% of respondents identify damage during home renovations as their top concern, especially in densely populated areas where expanding downwards has become more common.

Stephen Vaughan, Chubb’s head of personal risk services in Europe, explained the implications of such extensions:

“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,” Vaughan said.

What remains a top worry for UK’s highest earners?

Furthermore, theft remains a top worry, with 86% of the wealthy citing it as the primary risk to their valuable collections, exacerbated by social media's role in increasing their exposure.

“Watch thefts have risen dramatically. 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,” Vaughan explained.

The survey also revealed that 80% of the respondents are collectors of items such as fine art, jewellery, and watches, among others. Passion drives 62% of collectors, while 38% view their collections primarily as investments.

Despite their affluence, half of the respondents do not see themselves as wealthy, and 72% believe that wealth and prosperity are increasingly elusive for middle-income families. Most of the affluent are also opting to work longer, with 68% still employed and 39% expressing a preference to never retire.

Regarding broader economic issues, 77% of those surveyed see the competitiveness of the UK economy as a significant risk to their wealth and lifestyle. Other concerns include government spending and international conflicts, with 35% worried about these global issues.

“The Wealth Report provides an insightful lens into the concerns and pressures the affluent are facing in the UK. 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,” Vaughan said.

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