Two of the most dynamic trends in insurance today are emerging cyber risks and the growth of the high net worth category. But until recently, the space where these trends meet has been underserved. This at a time when cyber risk for high net worth families is intensifying.
“As hackers and cyber crime increases, the high net worth are going to become more of a target,” said Kurt Thoennessen, vice president of Ericson Insurance Advisors.
For insurance purposes, given their assets, high net worth families have exposures at least the size of many small companies…
With the growth of the high net worth sector, demand for such products is almost certain to grow. “There’s fifty one million Americans right now that have a million dollars in investable assets, which is kind of the tier at which high net worth is defined,” said Jason Hogg, Leader of Aon Cyber Solutions and Chief Executive Officer, Stroz Friedberg. “And that’s growing on a compound annual growth rate of 8 percent.”