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“The product set is typically very broad versus what you might get in the general insurance market—and you need a deep knowledge of the products. It’s not a one-size-fits-all coverage approach.”
“You’d better know what you’re doing, because [High-Net-Worth clients have] some extreme exposures.”
For an insurance segment highly coveted by producers and major carriers alike, the high net worth insurance business can often lack one major asset: an abundance of clients. Many wealthy Americans may be unaware that a specialty insurance market geared toward their unique exposures exists, executives say.
Whether it's saving Faberge eggs from the wrath of a hurricane or covering a sneaker collection, high net worth insurers go to extremes to insure the extreme lifestyles of the wealthy.
Reliance on cloud services is a concern for underwriters, but with more effective security, the cloud benefits insurers in ways that may outweigh the risk.