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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: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001

 

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