Press Article - Looking beyond the asset

First published by Insurance Day and reproduced with kind permission of the editor

THE high-net-worth (HNW) fine art and specie market has become increasingly complex and globally interconnected over the past few decades. Collections are more diverse, assets are increasingly spread across different countries, and a new generation of collectors is approaching valuable possessions differently from those before them.

For insurers, this creates a more interconnected risk landscape, and underwriters need to look beyond the individual asset. Understanding the client, where their assets are located, how they are used and protected, and how different exposures can accumulate is critical. It requires specialist expertise, accurate information and a collaborative relationship between the client, broker and insurer.

Today’s HNW clients are more global and digitally connected, with wealth creation through technology, private equity and entrepreneurship bringing new collectors into the market, and different expectations and attitudes towards their collections.

There is greater international mobility, both among collectors and their assets. Collectors are travelling more frequently, with assets increasingly being taken across borders and collections being spread across several residences.

For insurers, this creates a need to consider not only where the asset is located, but the regulatory, tax, compliance and geopolitical environment surrounding it. Global HNW risks cannot be assessed effectively in isolation.

Underwriters need a complete picture of the client’s international footprint and must provide coordinated global insurance solutions that ensure consistent coverage while complying with local regulations.

This shift is already visible in the data. The Art Basel and UBS Global Art Market Report 2026 found that collectors are increasingly building multi-medium collections rather than concentrating spending on a single category, while shifting trade relationships are starting to change how artworks move across borders.

In the UK, for example, the report recorded a sharp rise in imports alongside a marked fall in exports, a sign that domestic buying and storage are playing a larger role in collecting decisions. Insurers need to understand not just where a collection sits today, but how quickly that picture can change.

Collectors and their collections

Traditionally, established collectors have valued discretion and privacy. Younger collectors may be more comfortable sharing their collections, properties and lifestyles online, creating new security considerations and further risk implications. A social media post showing a collector travelling abroad can inadvertently reveal that a property containing valuable assets is unoccupied, exposing them to higher risk.

In 2026, investigators linked a series of break-ins at the homes of several high-profile athletes to a theft ring that had used the victims’ own social media activity and public schedules to work out when their properties would be empty. The same pattern applies just as readily to a collector who posts about an overseas trip or an unoccupied second residence.

The motivations behind collecting are also changing. For some clients, collecting remains personal. An artwork may have been passed down through a family or have been acquired because of a long-standing passion. For others, valuable assets are increasingly viewed through an investment lens. This distinction matters for insurers, particularly when an asset’s market value can change quickly.

An asset that was worth a particular amount several years ago may no longer command the same market value today. This creates challenges not only at the underwriting stage, but also when a claim occurs.

The increasingly global nature of HNW wealth also brings regulatory and compliance challenges. A client may have assets across multiple jurisdictions, each with their own requirements. Geopolitical developments add another layer, with sanctions regimes, trade restrictions and export controls having an impact on ownership, transportation and insurability of assets.

Insurers must conduct enhanced due diligence, particularly for international transactions, high-value shipments and clients operating in jurisdictions exposed to sanctions or regulatory scrutiny.  Regulations, tax considerations and the availability of local underwriting and claims infrastructure should also be considered when placing risks across jurisdictions.

Valuation and accumulation

Establishing an accurate value of a fine art and specie asset is not always straightforward. Some collectors may have an expectation of what an asset is worth that does not correspond with market evidence. For underwriters, the challenge is to establish a valuation that reflects the available evidence while also ensuring the client understands the basis for that assessment.

Technology can support this process. AI-enabled tools help underwriters analyse available data, assess values, and evaluate their risk for future value fluctuations, particularly for contemporary art, where pricing information can be less transparent. But technology remains a tool rather than a replacement for specialist judgement. Individual risks still need to be assessed by an experienced underwriter, alongside direct engagement with the broker and client.

HNW collections can involve substantial concentrations of value, creating a need for significant underwriting capacity. But the question should not simply be how much capacity is available. A 360-degree view of the client's exposures is essential. Understanding these accumulations enables insurers and brokers to structure coverage more effectively and identify where additional protection or risk mitigation may be required.

High-value possessions can have specific requirements around valuation, security, restoration, transportation and claims handling. A specialist insurer brings expertise in these areas and can provide recommendations tailored to the client's circumstances which become particularly important when a claim occurs.

A value-led partnership

Ultimately, the changing HNW landscape points towards a model of insurance built on trust, understanding and long-term partnership. The relationship between the client, broker and insurer should be viewed as a long-term partnership rather than a transaction.

This shift cannot be achieved by insurers alone. Real value comes when brokers and insurers closely work together to align expertise, products and underwriting philosophies with a client’s specific needs. This partnership must continue throughout the life of the policy and into the claims process. The aim is to understand individual client requirements and work alongside brokers and clients to develop solutions that reflect the actual risk.

As HNW portfolios become increasingly global, mobile and diverse, the most effective insurance solutions will be those that adapt with them. Regular valuations, updated inventories and reviews can all help ensure that cover remains appropriate. It is about understanding the relationship between the client, their assets and the risks surrounding them — bringing together the expertise of the client, broker and insurer to manage those risks over the long term.