Advisors are paying more attention to their clients' property/casualty
and liability insurance needs, according to a new survey.
The survey of 102 advisors found that
57% evaluate their clients' asset protection through property/casualty
insurance, according to the survey by Chubb Group of Insurance
Companies.
Seventy-two
percent of the advisors say they get involved in helping their clients
attain an appropriate level of liability insurance, the survey says.
The last time the
company polled advisors on the issue in 1998, 40% of advisors said they
regularly evaluated their clients' property/casualty insurance.
When asked about
risk management, advisors ranked life insurance as the most critical
planning area, followed closely by personal liability insurance, the
survey says. Advisors considered property protection and
personal/family security less critical.
The survey found
that about 34% of those surveyed hold a license to sell life insurance,
and that property/casualty insurance and risk management provided
advisors with an average of only 3% of their revenue.
Forty-four percent
say they have a referral relationship with an independent insurance
agent, according to the survey.
"This is great
news for financial planning clients," says Eric Pruss, senior vice
president of Chubb & Son and strategic marketing officer of Chubb
Personal Insurance. "People, especially affluent individuals and
families, are facing a larger variety of more acute risks today
stemming from litigation, new technology, globalization and other
societal changes."