Chubb’s 2024 Wealth Report: Climate, cyber, and collectibles top affluent households’ concerns

Climate risks on the rise

The report highlights a growing focus on climate change, with 90% of respondents listing it as a concern—up 20% from last year. Among these, 53% expressed significant worry. Wealthy families are responding by prioritizing property resilience and sustainability, with 80% seeing home renovations as opportunities to integrate eco-friendly features.

Jennifer Naughton, Executive Vice President at Chubb Personal Risk Services, noted, “The scale of recent climate events is pushing affluent households to rethink their approach to property protection and sustainability.”

Cyber threats target the wealthy

Cybersecurity also emerged as a top risk, as affluent families' digital lives create vulnerabilities. Identity theft (56%) and cyberbullying (55%) are key concerns, with ransomware and phishing attacks also highlighted. Notably, one in six households with over $25 million in assets reported experiencing cyberattacks.

Preserving high-value collections

For many, high-value collections are more than investments; they are legacies. Nearly half of respondents plan to acquire collectibles like fine art, jewelry, or cars in the next year, yet 81% cite theft as their biggest concern. Despite this, a third plan to self-insure, leaving significant assets unprotected.

Laura Doyle, Senior Vice President at Chubb, emphasized, “Protecting these collections requires specialized expertise, as they often hold deep personal and generational significance.”

The findings underscore the need for tailored risk strategies as affluent households balance opportunities for wealth growth with heightened challenges.

Download the report