Revealed – which firms the wealthy choose for insurance

Revealed – which firms the wealthy choose for insurance | Insurance Business

Revealed – which firms the wealthy choose for insurance

The rich may have money to spare, but they’re human too and also need insurance. A new survey by market research firm Altiant lets us in the world of the affluent when it comes to their top insurance provider picks.

A total of 632 individuals from the UK and the US were interviewed for the poll, which categorised the respondents as either high net worth individuals (HNWI) or emerging HNWI. They are classified based on investable assets, with emerging HNWI having between $250,000 and $1 million; HNWI, more than $1 million.

In the US, here are the top three providers in terms of insurance usage by the participants:

Emerging HNWI

  • State Farm – 21.8%
  • Progressive – 20.7%
  • MetLife – 16.1%

HNWI

  • UnitedHealth Group – 18.5%
  • State Farm – 17.6%
  • MetLife – 16.7%

Here are the top three insurers in terms of the UK respondents’ current insurance usage:

Emerging HNWI

  • Aviva – 41.3%
  • AXA – 26.4%
  • Bupa – 19.8%

HNWI

  • Aviva – 42.1%
  • Bupa – 29.4%
  • AXA – 24.9%

Of the more than 600 respondents, 121 were emerging HNWI from the UK; 197, HNWI (UK); 87, emerging HNWI (US); and 227, HNWI (US).