What do private clients need to know in 2022?
In 2022, high net worth clients face a daunting array of challenges. The resurgent COVID-19 pandemic, rapid levels of inflation, the war-torn struggle between democracy and authoritarianism; each of these huge global issues are having a great effect on the insurance market. Being prepared for this year and beyond is no mean feat, but at Romero Insurance Brokers we endeavour to ensure our clients are informed and have their finances protected.
Our team, list the five key points they believes all high net-worth individuals should be aware of. These quick need-to-knows, directly from the experts, will help private clients make better, wiser decisions in 2022:
1. Cyber comes as standard
Organisations of all sizes, large and small, are now having cyber insurance written into their policies as a default requirement. Cyber threats are by far the most common risk and managing cyber incidents such as data theft requires in-depth technical knowledge. Organisations are being targeted for their data, accounts and finances, and this is no different for high net-worth individuals. As well as minimising business disruption and providing financial protection during an incident, cyber insurance may help with any legal and regulatory actions after an incident.
If each of think about where most of our important information is being held, nine out of ten of us will say it can be found digitally, in the cloud. Insurers know how large a risk cyber is, and therefore are moving to protect themselves against potentially expensive claims. High net-worth clients need specialised brokers who are able to navigate the market and find the best cyber insurance for them.
2. Increased property value
Land and property, alongside the cost of living has shot up in recent months. Depending on your last valuation, your property could be worth a significant amount more than it is currently insured for. The risk of underinsurance in the current climate is significant.
The value of your items and possessions has also most likely increased. Were a fire, flood or theft happen and a claim be made, you could potentially be losing out on thousands of pounds.
Our in house Private Clients team provide effective valuations as well as visitations, helping clients understand exactly house much their assets are worth. They discuss here why high net-worth individuals should double check their policies to see if they are at risk of underinsurance.
3. Shortages of tradesman
Another point the team makes, which has gone somewhat under the radar, is the shortages of tradesman available in 2022:
“With a bog standard insurance policy, there are certain contracted tradesman that clients would be eligible to use. However this means they are much more liable to be delayed due to COVID rising, absenteeism and general unavailability. This goes so far as to include builders, roofers, plumbers, electricians; any work doing or emergency you may need fixing could be carried out significantly slower.”
“But with our comprehensive Private Clients insurance, there is much more flexibility as to what contractor clients use. This means the work can be done a lot quicker, and also usually the payout is sooner.”
4. Limited garages and parts
Motor and fleet insurance covers are quickly becoming a headache for insurers as garages have been significantly affected by supplier delays. Huge delays for car repairs is a problem only aggravated by the smaller pool of garages eligible by standard insurers. Electric cars have even less options available and wait times can be impossibly long.
With comprehensive Private Clients insurance, the list of available garages are much larger. With a Romero Insurance Broker you will also have a dedicated expert on hand to handle any claims, fixes and advice you may need.
5. The benefits of an independent broker
In 2022, it is more important than ever for high net-worth individuals to ensure they are represented by the best. Compared to other insurers or brokers, Romero Private Clients puts the clients first; it’s why our company motto is Treating Customers Exceptionally.
Romero Private Clients is truly a special and unique brokers because of our priorities and resources. As part of The Romero Group, we have a large in house claims team who are able to take up your case and resolve it quickly with minimal issues. We are able to be more competitive on premiums and have a relationship with A-rated insurers.
With us, high net-worth individuals will have one point of contact, able to cater to your requirements and requests, as well as discern the best policies for your insurance needs.
“I often reply instantly to my clients, and I’m only one call away. I like to have that personal relationship with my clients, so that if any issues get flagged, I can be honest and open with them and get across my professional opinion on the best course of action. I can see no other option for high net-worth individuals other than having us protect their finances and assets.”