098: The Current State of the High-Net-Worth Market with Jonathan Rouse - Protect Underwriting

<p>What challenges are facing the high-net-worth insurance market in 2023? What key messages to brokers need to communicate to high-net-worth clients? Is the future bright for this sector?</p> <p>In this episode of the Insurance Broker Podcast, we’re very pleased to be speaking with Jonathan Rouse, founding partner of Protect Underwriting. In this episode, he explains the various challenges currently facing the high-net-worth insurance market as a result of ongoing economic turbulence, and how brokers can help clients in this sector to better understand the cover they are purchasing and the dangers of underinsurance. In conversation with Boston Tullis’ Sarah Myerscough, Jonathan shares his optimistic view of the future for this particular market, reflecting positively on the incoming Consumer Duty and the ever-growing opportunities for brokers and underwriters who operate in this specialist area.</p> <p> </p> <p>Quote of the Episode</p> <p>“I think that that communication challenge is the big one we see from brokers. [They ask] how they should engage policyholders in thinking about the correct sums insured that they need. And actually, helping them to evaluate that and make sure the policy is fit for purpose for them.”</p> <p>Inflation is a significant challenge currently facing the insurance market as a whole. The cost of claims is rising, and consequently, so too is that of insurance cover. Jonathan argues that the onus is on brokers to ensure that their clients are well-informed about the need to provide sufficient and accurate information about their property, so that a suitable policy can be arranged for them.</p> <p> </p> <p>Key Takeaways</p> <p>In the high-net-worth market, it is crucial that policyholders’ cover remains aligned with current levels of inflation. The risks of underinsurance can be hugely financially damaging in the event of a claim. However, it can be difficult to navigate these conversations with customers, particularly in the high-net-worth area where policyholders are already paying high