News Release

Affluent Consumers’ Insurance Programs Miss Savings Opportunities, Leave Wealth at Risk, According to ACE Private Risk Services Study
Jun 15, 2010

PHILADELPHIA--(BUSINESS WIRE)--ACE Private Risk Services®, part of the ACE Group, today announced the results of their recent survey of 600 independent agents and brokers, who specialize in personal insurance programs for the affluent consumer. The results are presented in a white paper titled: “Wealth at Risk: How Affluent Consumers Over-Pay to Be Under-Insured.” To access the paper, please visit:

“Overall, we found that affluent consumers are likely to over-insure against minor threats and under-insure against major ones,” said Robert Courtemanche, Chief Executive Officer, ACE Private Risk Services, “and a key reason is that most affluent consumers insure their homes and automobiles with mass-market policies designed for the average consumer.”

To study this issue in greater depth, ACE Private Risk Services conducted a survey that asked agents to identify the areas where new clients, who were previously insured with a mass-market carrier, were likely to be over- or under-insured, as well as missing savings opportunities.

Based on more than 600 responses, affluent consumers are likely paying for coverage they don’t need, or missing savings opportunities in three primary areas:

  • Deductibles too low: 78 percent of agents say affluent consumers likely overlook this savings opportunity, and 44 percent say they likely are over-insured
  • Package discounts for consolidating insurance policies with one carrier: 55 percent say they are likely overlooked
  • Credits for alarm systems and other loss prevention measures: 36 percent say they are likely overlooked

Meanwhile, affluent consumers are most likely to be inadequately protected against:

  • Financially ruinous liability lawsuits: 89 percent of agents say affluent consumers are likely under-insured
  • The total destruction of their home: 86 percent say they are likely under-insured
  • Damage to or loss of jewelry, fine art, and other valuable collections: 83 percent say they are likely under-insured

“All of these issues and more can be addressed in a risk review with a qualified independent agent or broker,” said Mr. Courtemanche. “In many cases, the overall cost of the insurance program may stay roughly the same while the efficiency of coverage and quality of protection goes up.” The white paper includes three prototypical before-and-after case studies illustrating the benefits of a rebalanced insurance program.

ACE Private Risk Services offers the ACE Platinum Portfolio®, an insurance program specifically designed to meet the complex needs of affluent and high net worth individuals and families, and to help them avoid over- or under-insuring their property or possessions. The program provides specialized coverage for homes, vacation properties, automobiles, watercraft, jewelry and other valuable collections, and excess liability protection that offers the savings of a package discount and, in most cases, the convenience of one bill.

ACE Private Risk Services is the ACE Group’s high-net-worth personal lines business, which provides specialty coverage for homeowners, automobile, recreational marine, umbrella liability and collections insurance for affluent individuals and families. Additional information can be found at: Celebrating 25 years of insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at:



Ace Group
Carla L. Ferrara, 215-640-4744