Welcome!

News Feed Item

Professional Indemnity Insurance in the UK

NEW YORK, Feb. 17, 2014 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

Professional Indemnity Insurance in the UK
http://www.reportlinker.com/p0848999/Professional-Indemnity-Insurance-in...

Professional Indemnity Insurance in the UK is about the UK market for and distribution of policies covering professional liability. For 2009, 2013 and with a forecast for 2017. the study breaks down the market for professional indemnity insurance on a standardised basis by professional group with 12 categories considered as follows:

accountancy and finance;
alternative medicine;
architecture and engineering;
broadcasting and publishing;
estate agency and property;
financial and insurance intermediation;
healthcare-related services;
IT, management and financial consulting;
legal services;
marketing;
medicine and dentistry;
and other professional sectors.

On the basis of a survey of 150 professional associations, it also identifies affinity schemes for professional indemnity insurance in the UK set up between professional associations and brokers or underwriters of this type of cover. In addition, it highlights other key underwriters and brokers of professional indemnity insurance and other distribution channels used to sell this form of insurance, and discusses key issues associated with the market. As such, the report is the most comprehensive analysis of professional indemnity insurance in the UK available in a published format.

You may be able to use this report and the accompanying PartnerBASE™ dataset in one or more of the following ways:

- to compare the size, growth rates and future prospects of professional indemnity insurance markets in the UK;

- to evaluate the potential for your organisation to target professional indemnity propositions at specific professions;

- to understand the competitive environment for broking and underwriting by professional category;

- to gain access to a single comprehensive source of information providing broker and / or underwriter details for affinity schemes set up by professional associations in the UK for this form of insurance;

- to appreciate which professional categories offer the best long-term potential, which are already saturated with competitors, and what product or distribution innovations are occurring.
TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY 1

1.0 INTRODUCTION 3

What is this report about? 3
Finaccord's study breaks down individual country markets into 12 professional categories 3
Rationale 3
This is series of reports brings this complex sector up to date. 3
. with affinity schemes researched in detail through the associated PartnerBASE dataset 3
Methodology 4
Association survey 4
Market data 4
Definitions 6
Professional indemnity insurance 6
Operating models 7
Other notes 7
PartnerBASE and market data annexe 8
Finaccord 8

2.0 MARKET ANALYSIS 9

Introduction 9
Number of insurable enterprises 10
More than one third of insurable enterprises come from the IT and business consulting sector 10
Only one professional category declined in number between 2009 and 2013 11
Market size 13
The UK hosts the largest professional indemnity insurance market in Europe by overall value 13
Medical liability insurance in the UK has been characterised by an increase in claims. 13
. in a market in which the bulk of cover is underwritten by specialist companies 13
An increasing proportion of solicitors are choosing to purchase top-up cover. 14
Large and small solicitors face different dynamics in premium rates in 2013 15
Surveyors exposed to valuation risks have seen sharply rising premiums 15
The withdrawal of Aviva from the accountancy and finance sector may cause price movements 15
Several insurers no longer underwrite professional indemnity risks for financial advisers 16
Professional indemnity cover accounts for a high and rising proportion of the overall liability market 17
Affinity schemes 18
The majority of professional associations have an affinity partnership for professional indemnity insurance 18
Trafalgar Risk Management is involved in the most affinity deals… 19
. with Towergate Professional Risks also prominent in this market 19
Jelf Group and Stackhouse Poland both collaborate with at least four professional associations. 19
. in a market for affinity programs in which over 40 brokers are involved in total. 19
Hiscox is the most prominent underwriter in the market for professional indemnity affinity schemes. 20
. followed by RSA 21
Other key insurance providers and distribution channels 22
Brokers are the key distribution channel in the UK with relatively little cover acquired directly 22
Howden is a leading broker for financial advisers while Lockton is strong in the market for accountants 22
Away from the affinity market, at least 25 other underwriters insure professional risks in the UK 22
Professional indemnity insurance policies can be bought online. 22
.but banks are not an important distribution channel for this product 23
Market forecast 23
Premium growth will accelerate in several segments up to 2017 23



LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1

Number of insurable enterprises and value of professional indemnity insurance in the UK, segmented by professional sector, 2013 2

1.0 INTRODUCTION 3

Professional associations contacted by Finaccord, segmented by professional category and membership type 5

2.0 MARKET ANALYSIS 9

Number of insurable enterprises in the UK, segmented by professional sector, 2013 10
Compound annual growth or decline in number of insurable enterprises in the UK, segmented by professional sector, 2009-2013 11
Number of insurable enterprises in the UK, segmented by professional sector, 2009 and 2013 (data) 12
Approximate gross written premiums for professional indemnity insurance in the UK, segmented by professional sector, 2009 and 2013 14
Approximate gross written premiums for professional indemnity insurance in the UK, segmented by professional sector, 2009 and 2013 (data) 16
Approximate gross written premiums for total general liability insurance and gross written premiums for professional indemnity insurance as a percentage of these in the UK, 2009 and 2013 17
Affinity schemes for professional indemnity insurance in the UK: provision rate and operating models, 2013 18
Affinity schemes for professional indemnity insurance in the UK: broker share of partnerships, 2013 20
Affinity schemes for professional indemnity insurance in the UK: underwriter share of partnerships, 2013 21
Forecast for gross written premiums for professional indemnity insurance in the UK, segmented by professional sector, 2013 and 2017 24
Forecast for gross written premiums for professional indemnity insurance in the UK, segmented by professional sector, 2013 and 2017 (data) 24


To order this report: Professional Indemnity Insurance in the UK
http://www.reportlinker.com/p0848999/Professional-Indemnity-Insurance-in-the-UK.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Insurance

Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001

 

SOURCE Reportlinker

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...