As Harry Potter star Daniel Radcliffe celebrates getting his hands on his £23 million fortune, young high-flyers of his ilk should remain mindful of the importance of getting their prized possessions insured, a new report states.

A study from Allianz claims that high net worth (HNW) insurance is very necessary for young stars - even though such products are likely to be very far from their minds as they enjoy a glamorous lifestyle filled with parties and film premieres.

One such insurer is Home and Legacy, which can offer the very wealthy comprehensive cover for their possessions and a high quality service. It can handle up to £50 million in any one location, including buildings, art and personal possessions.

"The UK has among the biggest concentration of high net worth households in the world, and the number is set to increase over the next ten years," John Lawton, director of Home and Legacy, commented.

"Young celebrities often have the money that enables them to splash out on luxurious gifts, and insuring those items might not be a priority," he added.