High Net Worth Individuals are seeking the services of Professional Insurance Brokers

Why more High Net Worth Individuals in Ireland are seeking the services of Professional Insurance Brokers

While news outlets ponder over stories of impending down turn, we can be forgiven for seeing a more positive future. In March 2024, Gabriel Makhlouf governor of the Central Bank of Ireland wrote, Growth is expected to pick up to 1.5 per cent in 2025 and 1.6 per cent in 2026”. Perhaps this explains the growth in High Net Worth Individuals (HNWIs) in Ireland.

In Ireland, where a rich tapestry of history meets modern prosperity, HNWIs often find themselves at the intersection of tradition and innovation. Amidst this unique landscape, the imperative of safeguarding wealth and assets against an array of risks cannot be overstated. For HNWIs, enlisting the expertise of professional insurance brokers emerges as, not just a prudent choice, but in the eyes of man, an essential one. A deeper dive into why these individuals are courting the services of professional insurance brokers as a cornerstone of their financial strategy highlights the reasons why this is a growing trend.

Navigating the nuances of the Irish insurance market demands a deep understanding of local regulations, industry practices, and emerging trends. Professional insurance brokers possess specialised expertise in these areas, allowing them to offer tailored solutions that address the unique needs of HNWIs. Whether it's securing coverage for heritage properties, agricultural estates, or fine art collections, brokers leverage their knowledge to provide comprehensive protection against a spectrum of risks specific to the Irish context. HNWIs understand the specialised expertise in local market dynamics are not often found in large multinational insurers.

No matter the wealth, personal or business portfolio, no two HNWIs are alike, and neither are their risk profiles. For example, at Dolmen Insurance, our professional brokers will conduct personalised risk assessments, taking into account factors such as property values, lifestyle preferences, and wealth preservation goals. By gaining a holistic understanding of the client's financial landscape, brokers devise bespoke risk mitigation strategies that align with their unique circumstances. From identifying gaps in existing coverage, to recommending enhancements for comprehensive protection, brokers offer personalised solutions tailored to the individual needs of HNWIs.

HNWIs often possess assets that fall outside the purview of standard insurance markets. Whether it's historic estates, equestrian properties, or private art collections, these assets require specialised coverage tailored to their distinctive characteristics. While insurance companies often find themselves limited in their offerings, insurance brokers have access to exclusive insurance markets and niche underwriters, enabling them to secure customised solutions that may not be readily available through conventional channels. By tapping into these specialised markets, brokers can often offer HNWIs access to superior coverage options with enhanced terms and features. 

In a dynamic and evolving risk landscape, proactive risk management is paramount. At Dolmen Insurance, our high net worth and ultra-high net worth team provide ongoing support, monitoring policy performance, and adapting coverage to align with changing circumstances. Moreover, in the event of a claim, our brokers serve as dedicated advocates, guiding clients through the claims process and advocating on their behalf to ensure fair and timely resolution. By offering proactive risk management and claims advocacy services, a broker empowers HNWIs to navigate uncertainties with confidence and peace of mind.

Trust is the cornerstone of the relationship between HNWIs and their professional advisors. Professional insurance brokers uphold the highest standards of integrity, acting as trusted advisors who prioritise the best interests of their clients. With a commitment to confidentiality and discretion, Dolmen Insurance offers a safe and secure environment for HNWIs to discuss their insurance needs and concerns. By fostering long-term relationships built on trust and transparency, brokers become indispensable partners in the wealth management journey of HNWIs. In essence, the decision to engage professional insurance broker services is not just a matter of convenience, but a strategic imperative for High Net Worth Individuals. In a country renowned for its rich heritage and vibrant economy, partnering with a professional insurance broker offers HNWIs the peace of mind they need to navigate the complexities of wealth management with confidence and resilience.