Britain becoming a high net worth country
(20 April 2007)

Britain is becoming a nation of high net worth individuals, it has been claimed, which will could impact upon the nation's insurance industry.

Legal & General reports that there has been an increase in personal wealth as a result of business activities and property ownership, citing the increase in house prices over the past decade as a contributing factor.

Furthermore, half a million Britons start a new business every year, with some consequently boosting their level of wealth, leading to predictions of the UK topping the list for high net worth households in the G7 over the next decade.

Bonnie Burns, protection marketing director at Legal and General, said: "High net worth customers are growing in number with property values having more than tripled in the past decade."

She added that high net worth individuals will often require more complex underwriting when being insured, in addition to demanding a high quality of service.

Earlier this year, Capita Legal Services reported that high net worth individuals are more likely than other Britons to use alternative legal service providers following deregulation of the industry.