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The High-Net-Worth Insurance Market Is Stabilizing, But the Market is Changing.
The high-net-worth (HNW) personal insurance market is improving, with stronger carrier results and more capacity entering the market. But for successful families, greater availability doesn’t necessarily mean easier underwriting.
The latest Dowling HNW market analysis points to a more sophisticated market, with insurers placing greater emphasis on risk quality, mitigation, and portfolio construction.
HNW Insurance by the Numbers
- $55 billion: Approximate size of the U.S. HNW personal lines market
- $15 billion: Approximate premium written by specialist HNW insurers
- 27%: Growth in specialist HNW E&S premium in 2025
- 83%: Estimated share of California’s HNW market written through E&S
- 50%+: Share of specialist HNW premium written by market leader Chubb
Capacity Is Selectively Returning
Most major HNW insurers are now operating near or below breakeven combined ratios, bringing capacity back into the market, but insurers aren’t simply loosening underwriting standards.
Instead, carriers are scrutinizing factors such as:
- Geographic and catastrophe exposure
- Construction quality and reconstruction costs
- Roof age and property condition
- Water detection and automatic shutoff systems
- Wildfire mitigation and defensible space
- Secondary-home occupancy
- Concentrations of property values
The result: Insurability itself has become an asset that affluent families need to actively manage.
E&S Is Becoming Part of the HNW Strategy
Excess and surplus (E&S) coverage is no longer a temporary solution for distressed properties. In catastrophe-exposed markets, it is becoming a permanent component of sophisticated HNW programs.
That requires looking beyond admitted versus non-admitted status. E&S policies may have different deductibles, exclusions, replacement-cost provisions, coinsurance requirements, and limits on additional living expenses.
For families with properties across California, Florida, Texas, New York, and other complex markets, the strongest solution may also involve multiple carriers rather than a single national insurance program.
The Takeaway
Personal insurance should increasingly be viewed as part of balance-sheet risk management, not just an annual renewal exercise.
HNW individuals and families should be asking:
- Are property limits keeping pace with reconstruction costs?
- Have new homes, vehicles, jewelry, collectibles, or other assets created coverage gaps?
- Are umbrella limits appropriate given increasing liability severity?
- Could additional loss-prevention measures improve carrier access?
- Is the current carrier structure still appropriate for the entire portfolio?
The HNW insurance market is becoming more sophisticated, and a comprehensive risk review can help ensure that as wealth and assets evolve, the insurance strategy evolves alongside.
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