Private client insurance has long been defined by property and possessions. Homes, jewellery and collections have traditionally anchored underwriting decisions. But as wealthy clients become more globally mobile, that model is being tested, forcing insurers to rethink not just where risk sits, but how it is defined.
For Tara Parchment (pictured), head of private clients at Brit Global Specialty, the shift is less about new risks emerging than existing ones becoming more fluid. “The overriding dynamic within private client insurance is that we have always focused on the client,” she said. “What is their lifestyle, what do they need protecting, and how can we create an insurance product that actually protects them?”
That client-centric approach remains unchanged, but the context around it has evolved. Where once a primary residence anchored a risk profile, many high net worth individuals now divide their time across multiple locations, often spanning several countries.
“It isn’t just having holiday homes all over the world,” Parchment said. “Actually, they are living in various parts of the world, and often not just in two countries. It might be three or four or five different locations.”
That shift challenges traditional assumptions about residency and exposure. Properties that would once have been considered primary homes may now sit unoccupied for extended periods, while valuables move between locations as clients travel.
The result is a less predictable risk landscape. “It is less binary than that now,” she said. “It is much more fluid.”
That fluidity translates into a more continuous assessment of how properties are used. Occupancy, long a key underwriting factor, is no longer a simple distinction between lived-in and empty homes.
“If they’re spending a lot of time away from that home, then how we underwrite that home has to look different,” Parchment said. “If it’s going to be unoccupied for up to three months at a time, then what are the security measures that they have?”
As clients move between homes, so too do their most valuable possessions. Jewellery, art and other high-value collections are no longer confined to one secure location, requiring insurers to consider protection standards across multiple jurisdictions.
“Now we have to have those conversations about all of their homes,” she said, noting that the same collection may travel between London, Europe and the US.
Insurers and brokers are not just underwriting risk, but helping clients understand how their lifestyles shape their exposure.
As mobility increases, so too does the scope of risk. Travel patterns, time spent in different legal environments and the movement of assets all introduce new considerations.
“We have people that are spending more time in potentially more litigious environments,” Parchment said. “At one time, we would largely have known where our clients and their belongings are. Now that’s much less likely.”
That uncertainty makes visibility a central challenge. Without a clear picture of where clients and their assets are at any given time, underwriting becomes more dependent on behaviour rather than static information.
Social media has added another layer. Publicly sharing locations, routines and high-value possessions can increase exposure, both in terms of theft and personal safety.
“It’s unfortunately the reality,” she said. “If somebody is able to go online and see very clearly what you have, and also have visibility on your home, that is a real concern.”
The risks are not purely financial. Theft is becoming more targeted, with criminals using publicly available information to identify specific individuals and assets. “We know those individuals, as awful as it sounds, are going to be targeted. We see that over and over,” Parchment said.
In more organised incidents, the intent is highly specific, with offenders less likely to walk away without what they came for.
Against that backdrop, the role of the broker becomes more critical. As clients move across jurisdictions, access to local expertise and appropriate cover becomes essential.
“I have always believed that the insurance requirements of high net worth individuals are best served by expert advice,” Parchment said.
In some cases, that may mean placing risks locally rather than relying on a single global policy. The objective is not just coverage, but ensuring that protection reflects how clients actually live.
What emerges is a model of private client insurance that is less anchored to place and more attuned to movement. Risk is no longer defined by a single address, but by patterns of behaviour, travel and lifestyle.
“It becomes much less focused around the one address that you might have on the insurance schedule,” Parchment said. “It is where they are spending time and how we can help protect them wherever they might be in the world.”
As global mobility continues to reshape how wealth is lived, private client insurance is being pushed to evolve alongside it. The question is no longer just what is being insured, but whether insurers truly understand the lives behind it.
