Chubb Report Highlights Climate Change Risks for Wealthy Americans and Canadians (Insurance Journal)

Chubb Report Highlights Climate Change Risks for Wealthy Americans and Canadians

  Tuesday, January 9th, 2024 Source: Insurance Journal

Chubb’s inaugural wealth report has unveiled that a significant majority of wealthy Americans and Canadians are increasingly concerned about the impact of climate change on their properties. The survey, which involved 800 high-net-worth individuals in the U.S. and Canada, found that 76% view extreme weather events as one of the biggest threats to their homes. Notably, 63% are worried about weather-related water damage, such as hurricanes and floods, while 31% consider wildfire risks a major concern.

Jennifer Naughton, Chubb’s Executive Vice President, emphasized the growing frequency and severity of weather-related property damage across the country. The survey participants, possessing investable assets ranging from $500,000 to over $50 million, also expressed concerns about liability risks. Despite 92% worrying about potential large verdicts in liability cases, only 36% have excess liability insurance.

Ana Robic, Division President of North America Personal Risk Services at Chubb, highlighted the importance of customized insurance coverage for this demographic. She pointed out that agents and brokers play a crucial role in addressing protection gaps, especially in offering advice on specialized liability policies beyond standard homeowner’s coverage.

The report also sheds light on concerns over in-home damages from plumbing failures and appliance malfunctions, with over half of the respondents citing water leaks as a top risk. Chubb’s findings indicate a growing gap between risk awareness and protection among wealthy North Americans, underscoring the need for more proactive risk management and insurance strategies.

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