Chubb, a leading financial institution, has released its inaugural Wealth Report, shedding light on the perceptions and concerns of affluent Americans and Canadians. The survey of 800 high-net-worth individuals reveals that more than three-quarters consider severe weather linked to climate change as the primary threat to their homes. Building and protecting wealth is deemed more challenging than ever, with 66% of respondents expressing this sentiment.
Key findings include:
• Climate-Related Concerns: Over 76% perceive climate change-related severe weather as the top risk to their homes, followed by weather-related water damage (63%) and the risk of wildfires (31%).
• Home Mitigation Efforts: Respondents are taking action to protect their homes, with 48% installing whole-house generators and smoke detectors. Additionally, 49% have water-leak detection sensors.
• Passion for Collections: Four out of five respondents collect fine art, jewelry, cars, and other valuables, with 87% listing art fraud as the top risk to their collections.
• Liability Worries: Nine out of 10 respondents are concerned about the size of potential verdicts in liability lawsuits. However, only 36% have excess liability coverage.
• Auto Liability Concerns: 45% worry about accidentally hitting a pedestrian, and 40% express concerns about liability issues in automobile accidents causing bodily harm.
Ana Robic, Chubb Division President, North America Personal Risk Services, emphasized the shift in how the affluent value and invest their wealth. The report underscores a commitment to environmentally responsible solutions and supports the transition to a sustainable future.
For a detailed overview of the 2023 Chubb Wealth Survey report, click here
