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Silver’s Surge & Risks of Underinsurance

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Silver’s Rising Financial Significance

Silver has seen a notable increase in value over the past year, supported by strong industrial demand, constrained supply and increased investor interest. As a result, silver is no longer simply a stylistic alternative to gold, but a material with genuine financial significance.

How Jewellery Design Trends Are Evolving

This shift is influencing jewellery in several ways. Designers are increasingly using silver in bold statement pieces, mixed‑metal designs and contemporary collections that emphasise form and craftsmanship. These pieces often contain a substantial amount of metal, which directly affects replacement cost.

The Emerging Underinsurance Gap for Private Clients

For Private Clients, this creates a potential gap between perception and reality. Jewellery purchased when silver prices were lower may now cost considerably more to replace following a loss. Where valuations are outdated or based on original purchase price, underinsurance can arise without the client or broker realising.

Why Silver Is Often Underestimated as a Risk

Silver also presents challenges because it is often underestimated. While individual pieces may sit below thresholds that trigger review, a growing collection of silver or mixed‑metal jewellery can represent meaningful exposure if not assessed holistically.

Key Considerations for Brokers

For brokers, the key considerations are straightforward. Jewellery valuations should be reviewed regularly, particularly during periods of material price volatility. Attention should be paid to pieces with significant silver content, bespoke design or limited availability. Conversations with clients about how market conditions affect replacement cost can help ensure cover remains appropriate.

How Our Private Client Products Support Jewellery Risks

Our Private Client products are available exclusively through brokers and are designed to support jewellery risks through personal service, tailored solutions and access to an expert team that understands evolving market dynamics.

Did You Know? The Return of Antique Silverware

Did you know: Whilst antique and vintage silverware has been out of fashion for a while, it has experienced something of a resurgence in popularity during 2025 which looks set to continue in 2026. This together with the increase in silver value generally means that policyholders with antique or vintage silverware collections may be in a position where their sums insured are no longer sufficient. To ensure such collections are adequately protected in the event of loss or damage, we would recommend speaking to your customers about having a revaluation arranged if one hasn’t been completed since before 2025.