In-depth - High net worth: Opportunities in a tough market
Rising rates, withdrawing providers and the Covid-19 crisis have hit the high net worth market, but customer service and clever use of technology could help brokers win and retain clients. Sam Barrett reports
The high net worth market is coming under pressure, with rates showing signs of hardening. But, while this is making it more difficult to place some risks, brokers are finding new ways to support their clients.
Issues around capacity are driving the change according to Andy Cunis, managing director of private clients at Gallagher. “Attritional losses from escape of water and fire claims have made some of the capacity books unprofitable, forcing some of the providers to withdraw,” he explains.
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