New research commissioned by specialist insurer Ecclesiastical revealed that 22% of crimes experienced by high-net-worth (HNW) clients during the past year happened at their second or holiday home.
As the world at large faces unprecedented levels of inflation and the cost-of-living crisis, HNW individuals and their second homes are prime targets for criminals as these domiciles remain unoccupied for months at a time. As a response to these threats, the survey also revealed that around a quarter (23%) of HNW clients have increased occupancy and/or visits to their second homes during the past 12 months.
To help raise awareness about this trend, Ecclesiastical also published new guidance for HNW clients to help protect their second homes. Measures outlined in the guidance include:
Ecclesiastical art and private client business director Sarah Willoughby said that those who have more to lose during the cost-of-living crisis are becoming a greater target for criminals, necessitating the need for proper security.
“Our latest research shows one in five crimes experienced by high-net-worth clients during the past 12 months took place at a second home or holiday home. Brokers play an important role in helping high-net-worth clients understand the risks they are facing and in ensuring they have the right cover in place. We hope our new guidance will help brokers speak to their clients about how they can best protect themselves,” Willoughby said.
Elsewhere in the company, the insurer and its parent company Benefact Group have also launched a new resource for charity brokers to assess the previously unstudied socioeconomic value of volunteering and donating.
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