The world watched in disbelief this week as the Louvre Museum, previously considered one of the most secure museums in the world, fell victim to a daring heist. In just 7 minutes, thieves made off with crown jewels valued at over €88 million, items once belonging to French royalty and considered national treasures.
Experts have warned that historic jewels such as these can be rapidly dismantled, recut, melted or otherwise altered to frustrate identification, meaning that first 24–48 hours are critical for recovery. Sadly, it seems likely these priceless and culturally significant items may be lost forever.
This significant loss serves as a powerful reminder to those of us in the high-net-worth (HNW) world: if even the Louvre can be breached in broad daylight, no collection, however well-protected, can be immune.
For clients, brokers and underwriters alike, this incident highlights the critical importance of protecting jewellery, not only for its financial worth, but for its irreplaceable sentimental and historical value.
It’s not about the price tag
For our clients, fine jewellery is rarely just an investment. It often represents family history, personal milestones or love stories spanning generations.
The loss of such an item can’t be quantified. A payout may replace the piece, but not the emotion or memory it represents. That’s why clients need to take proactive steps to secure the items they hold most dear.
Keeping valuable trinkets in a jewellery box in a locked house may feel like it’s enough, but the robbery at the Louvre proves that no measure of security is completely infallible. We advise clients to invest in more robust storage and security measures, such as certified banks or bank deposit boxes. If jewellery is to be kept in the home, an insurance-approved safe, secured to the wall or floor, or in a discreet location to prevent physical removal, is recommended.
It's also important that clients work closely with their brokers to advise them of any changes to agreed wearing habits, circumstances or new pieces in their collections. This allows brokers request any necessary amendments to their policy to ensure adequate cover, and advise on any additional risk management guidance that may be appropriate.
Of course, up-to-date valuations and proof of ownership are vital, and clients should review their insurance arrangements regularly to ensure sums insured reflect the true replacement value, as well as ensuring any security requirements or policy conditions are adhered to.
Brokers. Protector. Educator
Brokers in the HNW space play a key role. They are more than just an intermediary arranging cover; they’re an important and trusted advisor, shaping their clients’ understanding of risk. More than just securing the lowest premium, HNW brokers help their clients to fully appreciate the nature of their exposure, from theft and damage to mystery disappearance or loss during transit.
A good HNW expert should encourage regular risk reviews and valuations, have open conversations with their clients about the best storage solutions available, and advise them on the importance of safe wearing of precious jewellery. Brazen thefts from persons in public are still a significant risk, so the safe wearing and transportation of high-value items should be encouraged.
Ultimately, brokers act as both protectors and educators, helping their clients preserve not only their wealth, but their personal legacies.
Underwriters, guardians of heritage
Events like the Louvre jewellery heist are stark reminders that HNW jewellery risks require expertise, discipline and collaboration between all parties in the insurance process.
Every item has its own story, value, origin, materials, security arrangements, and the way it’s used or worn; therefore, a bespoke underwriting approach is essential.
As HNW underwriting experts, we must work closely with our broker partners to arrange and carry out detailed risk assessments of storage, use and travel. Review and ensure our policy wordings are clear, and encourage preventative measures to avoid the risk of a claim. We can advise on security upgrades, specialist transport, and even private surveillance for exceptional pieces.
Another critical pillar of defence is to monitor any aggregate exposure within our portfolios to avoid concentration of risk. When we’re dealing with such high-value items, a few losses could risk spiralling costs, so we need to use data strategically to identify and monitor these pockets of risk.
As HNW experts, we are not just insurers of assets; we are guardians of heritage.
A stark reminder
The Louvre robbery is a reminder to us all that priceless objects are never entirely safe, whether held in a heavily guarded national museum or a private collection. We all have a role to play in shoring up our clients’ defences, helping them to take the right steps to protect their treasures.
At Iprism, we believe true protection goes beyond policy wording. It’s built on understanding the emotional, cultural and financial layers of what we insure, giving our clients peace of mind and ensuring that if, despite our collective efforts, a loss does occur, we’re in the best possible position to support them in the aftermath.
Find out more about our Private Clients team and our High Net Worth product here: https://www.iprism.co.uk/private-clients
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