By Chubb Group of Insurance Companies
Many young adults unknowingly are jeopardizing their present and future financial well-being by not paying close enough attention to the broad range of property and liability risks they face, according to a new white paper from Chubb Personal Insurance. In addition, many young adults who still live in the family home also are exposing their parents to these risks.
The white paper, “A Generation at Risk? Young Professionals in the 21st Century,” explains the various exposures faced by more than 50 million Americans who are in their mid-twenties to mid-thirties. It also encourages financial advisers to help these young adults ̶ including some 15 million who earn more than $100,000 per year ̶ protect their assets from theft, damage and litigation.
“Wealth advisers and financial planners have an enormous opportunity to focus on young adults, who make up approximately one-sixth of all Americans,” said Stacey Silipo, director of strategic partnerships at Chubb Personal Insurance and author of the paper. “In fact, advisers who work with independent insurance agents and brokers are in a unique position to conduct comprehensive risk analyses and help young professionals formulate holistic asset protection plans.”
According to the white paper, many young professionals:
- take part in the sharing economy regardless of potential risks;
- do not purchase renters’ insurance if they rent their home;
- are unconcerned about the possibility of identity theft and the potential dangers of using social media;
- fail to obtain sufficient excess liability insurance despite the variety of liability risks they face; and
- don’t procure travel insurance.
“Whether young professionals live on their own or with their parents, they would be well-served by seeking counsel from wealth advisers, financial planners and risk management professionals,” said Silipo. “And advisers who reach out to them through parents and friends and provide customized solutions will earn their trust and business.”
“A Generation at Risk? Young Professionals in the 21st Century” is available at: http://www.chubb.com/journalists/chubb20848.pdf.
Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. These products are offered through a worldwide network of independent agents and brokers. The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high-net-worth individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.
The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation. The Chubb Corporation is listed on the New York Stock Exchange (NYSE: CB) and, together with its subsidiaries, employs approximately 10,000 people throughout North America, Europe,Latin America, Asia and Australia. For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit www.chubb.com.
SOURCE Chubb Group of Insurance Companies