High net worth clients in the UK are increasingly seeking guidance from their insurance brokers on how to minimise the risk of crime, according to a new study by Ecclesiastical.
A survey commissioned by the specialist insurer found that one in two (51%) high net worth individuals believe they would benefit from receiving more crime and security risk advice from their insurers or insurance brokers, as more than half (52%) reported being victims of a crime in the past year.
Among those surveyed, almost half (49%) said they had been victims of theft in the last 12 months, while one in five experienced trespassing (23%), home intrusions (20%), and criminal damage (20%). The study also found that the cost of crime over the past year for wealthy individuals was on average over £72,000.
Ecclesiastical’s survey comes as the rise in inflation and the cost-of-living crisis have made wealthy individuals a prime target for criminals. In fact, three in five respondents (60%) reported becoming more worried about crime since the cost-of-living crunch.
Amidst these growing concerns, 71% of respondents said they had introduced new measures to protect their homes and deter criminals, such as CCTV (37%), security lighting (33%), and upgraded locks for doors and windows (30%). Additionally, about one in five (18%) said they installed safe rooms or panic rooms in the past year.
Despite these measures, more than half (53%) of those surveyed still believe they need to do more to improve the security of their homes, and a third (33%) believe their homes are an easy target for criminals.
Sarah Willoughby, art & private client business director at Ecclesiastical, said brokers play an important role in helping high net worth clients understand the risks they face and ensuring they have the right cover in place.
In light of these findings, Ecclesiastical recently published a guide that provides scenarios and risk guidance for high net worth clients looking to minimise the risk of being targeted by criminals.
The insurer also launched an enhanced high net worth home insurance product last year, which includes cyber damage, cybercrime, and online liability cover as standard, and optional additional covers including business cover and travel insurance.
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