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The wealth report: Australia

Closing the protection gap in a time of increasing risk.
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OVERVIEW

Interested to know what keeps high-net-worth Australians up at night, who they turn to for advice and how they view their wealth?

The Chubb Wealth Report reveals the growing gap between what people value and how they choose to protect it. To showcase the findings, we’ve put together this report.

Read some of the compelling findings below to better understand what matters to wealthy individuals or download the full report.

Risks to future wealth

70% of respondents identified damage to their property from weather and climate change as one of the biggest risks to their wealth and lifestyle – ahead of the impact of inflation (62%).

Investing in passions

For successful people, wealth is more than the financial assets on their balance sheet. It is also the memories and stories behind the things they collect, the way they style their homes and the experiences they choose to create.

50% plan to add a watch to their collection, making watches the most sought-after acquisition, while other preferences include fine art, specifically old masters and contemporary styles.

48% own more than one home and more than half are planning to increase their property portfolios in the next 12 months.

While more than three-quarters of collectors believe their family and friends value and appreciate their collection, only 56% have taken legal steps to bequeath their collection/s via a will, foundation or trust.

Understanding the risk gap

Extreme weather, the shift in collectable assets, and the rise in thefts are creating new threats to wealth preservation for Australia's most successful. Yet many of the most damaging risks arise much closer to home.  

Despite the significant value of their properties and valuables, almost 60% of respondents stated they did not have a state-of-the-art home security system. 

Protection against risks

It is not uncommon for people to allow their insurance to simply auto-renew and not give it much further thought. But this approach may expose them to unnecessary risks.

Chubb’s Wealth Report highlights a more practical approach to protecting wealth that begins with a basic understanding of where risks lie, the likelihood and cost of an adverse event, and the cost to insure against that likelihood. 

Angela Capponi
Angela Capponi
Head of International Personal Lines (IPL) for Australia and New Zealand

“There is a growing appetite among wealthy Australians for specialised homeowners’ insurance that extends beyond traditional home and contents and personal liability to include family protection, encompassing coverage for cyber extortion, home invasions and aggravated assault coverage.”
Insights

Unprecedented insights and trends of successful Australians

The report examines the growing gap between what people value and how they choose to protect it against risks through appropriate insurance, risk management and loss control programmes.

82%

fear loss or damage from fire or travel/transportation when it comes to their collectables.

55%

are concerned about falling victim to financial fraud.

64%

say that building wealth is more challenging than ever.

70%

perceive exposure to extreme weather due to climate change as the top risk to their property or business.
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