The insurance marketplace for successful families and individuals will remain challenging most likely through at least 2026, driven primarily by increasing property insurance rates in the face of more and more costly natural disasters, specifically in California, Texas and Florida.

As such, the relationship between clients and carriers is today more closely mirroring that of commercial insurance, via increased cost-sharing (i.e., deductibles) and proactive risk management (i.e., property safety improvements). This trend is unlikely to reverse itself in future years, fundamentally altering the high-net-worth insurance environment.