By the end of this year, Capgemini and RBC Wealth Management anticipate that the wealth of high-net-worth (HNW) North Americans will have grown by 7 percent.
With billions of dollars on the line, it's more important than ever that HNW individuals implement proper insurance risk management strategies to help defend their financial well-being. While many have taken the necessary precautions to protect their families, assets and livelihoods, an emerging crop of unfamiliar property and casualty exposures — from vulnerabilities related to the Internet of Things (IoT), cyber-extortion and passionate pursuits — threaten to disrupt the best-laid 2017 insurance programs.
|Emerging risk No. 1: The Internet of (a billion) Things
While it drives efficiencies, the IoT also poses unique property and casualty risks for HNW individuals. Coupled with the fact that there are already more than 6 billion connected "things" in use around the world (that number is expected to rise to 20 billion by 2020), the exposures are potentially endless.
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