In its study, Chubb said 53 per cent of its survey respondents said they were considerably or greatly concerned.

As of November 30, there have been 18 named tropical storms, with 11 of those reaching hurricane strength and five becoming major hurricanes – category three and above. That includes hurricanes of Helene's magnitude, which caused devastation in areas such as the southern Appalachians. Forest fires and other natural disasters – arguably aggravated by human-caused global warming – have been other causes for concern. 

Insurers are typically in the front lines of climate change, and insurance rates have surged in states such as Florida that are vulnerable to tropical storms. For the past several years, Florida has been one of the most visible fronts of a nationwide property-insurance crisis that has caused premiums to rise across the US by an average of 31 per cent between 2021 and 2023, according to research by Benjamin Keys of the University of Pennsylvania and Philip Mulder of the University of Wisconsin.

The findings from Chubb are from its 2024 Wealth Report: Cultivating Resilience in a Changing Landscape. In this survey of affluent North Americans, the majority with assets exceeding $5 million, Chubb found that climate change, cyber threats and valuables collection security have emerged as the top concerns shaping how the wealthy manage and protect their assets.

On a more cheerful note, while high net worth individuals are concerned with emerging risks, the survey finds that 63 per cent of respondents say there are more opportunities for building wealth now than ever before. This reflects more optimism than last year, when 66 per cent said that building wealth was becoming more challenging. However, more than half do not consider themselves wealthy, including many with investible assets of more than $10 million.

“We’re seeing a shift in how the wealthy perceive and prepare for risk as they recognize the far-reaching impacts of climate, cybersecurity, and the safeguarding of high value collectibles,” Ana Robic, division president, Chubb North America Personal Risk Services, said. 

“The scale of recent climate events is driving wealthy families to rethink their approach to property protection,” Jennifer Naughton, executive vice president and risk consulting officer, Chubb Personal Risk Services said.

Digital weaknesses
The digital lives of affluent families create distinct vulnerabilities, placing cybersecurity among the top risks in this year’s report. Identity theft and cyberbullying are the top two concerns, with phishing, malware and ransomware attacks cited as additional concerns.

The report additionally finds that the more assets a family has, the more likely they are to be targeted by cybercriminals. One in six households with assets exceeding $25 million reported that a family member has been victimized by a cyber-related attack.

Collections of high-value items are a key part of wealth expression among today’s affluent, with nearly half planning to acquire fine art, jewelry, cars, wine and other valuables over the next 12 months.

Protecting these collections is cited as a major priority. Some 81 per cent of collectors worry most about theft, and 67 per cent think that damage to their collections during travel is their biggest risk. Nonetheless, nearly a third of affluent collectors report plans to self-insure their new acquisitions, an approach that leaves significant value unprotected.

About three quarters of survey respondents with substantial collections say they have already decided who will inherit them – but only 64 per cent have taken the legal steps towards bequeathal.

Wealthy individuals increasingly express anxiety over liability-related risks. Chubb’s report reveals that 92 per cent of respondents are concerned about the potential financial impact of a liability lawsuit, yet only 28 per cent carry sufficient excess liability coverage.

Chubb said its survey was conducted across North America between July and August 2024, with participants representing a range of demographics and age groups. All respondents have investible assets of at least $500,000, with most having assets exceeding $5 million. The margin of error is +/- 3.46 per cent.