Worthy opponents.
Competition is fierce in the high net worth market and, with rates as low as they can go, insurers claim to be competing on service rather than price to attract customers, says Shona Cronin.
The high net worth market is not experiencing the levels of interestfrom potential clients that it could be. Martin Hartley, underwriting
manager, UK and Ireland at Chubb, estimates that of the 25 million
households in the UK, only 10% are covered under a specialist policy.
Many customers in the HNW bracket still purchase standard buildings cover
from their bank or building society when they are arranging a
mortgage.
Customers also tend to be heavily swayed by price when arranging their
buildings
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