Original article from iaMagazine.com by Jacquelyn Connelly
A $30-million wine collection. A $100-million jewelry collection. A $1-billion art collection. A privately owned rocket launch. A mansion that needs to be moved 600 yards in the wake of a hurricane.
These outside-the-box exposures are just a few real-life examples of the unique risks that abound in the high net-worth insurance market.
Since the 2008 economic recession, “high net-worth clients and the segment in general have rebounded well,” says Jerry Hourihan, president of AIG’s Private Client Group. “If you look at the composite annual growth rate of ultra-high net-worth individuals globally and in the U.S., it’s grown by almost double digits since 2008. It’s a $30- to $40-billion premium segment, and it’s growing every year.”
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