The nouveau riche niche
What can you do for clients that are too well-off for a standard home and contents policy, but don't own the kind of historic art collection that high net worth products are designed for? James Salmon investigates the rise of 'mid net worth' (MNW)
Traditionally, insurers have offered standard 'mass market' propositions and high net worth (HNW) propositions - and not much in between. While these categories could be stretched to suit clients' needs, many did not fit comfortably into either bracket. Inevitably, some individuals were lumbered with unsuitable (and costly) HNW products, and others left stranded on standard policies that left them woefully underinsured.
In recent months, though, many insurers and brokers have started to push out
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