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Ownership is only part of the story. Sixty-two per cent of respondents said they are seeking advice on how to preserve their collections, and 47 per cent on item valuations to ensure items are properly documented and insured. Chubb Australia’s Masterpiece Homeowners Insurance – its bespoke cover for high net worth clients – caters to these needs by providing tailored cover for homes and high-value possessions through detailed appraisals and specialist guidance. This marks a broader change in how insurance is viewed. Where it once functioned purely as a financial safeguard, it is now central to the stewardship of assets that blend financial, cultural and emotional value. Rising awareness of risk The wealth landscape is also being reshaped by a more complex risk environment. Ninety-four per cent of high net worth Australians say they are at least moderately concerned about environmental instability. Three of the top five perceived risks to homes relate to fire or water damage within the property. Loss of investment value is cited by 91 per cent as a leading concern, while 58 per cent are worried about the impact of inflation on purchasing power. Cybersecurity, once a niche issue, has gone mainstream: 60 per cent of respondents now view it as a personal risk. These numbers reveal that risk management has expanded beyond the physical into the financial and digital – and affluent Australians are acting accordingly.
