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
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Join IBM November 2 at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how to go beyond multi-speed it to bring agility to traditional enterprise applications. Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Did you know that you can develop for mainframes in Java? Or that the testing and deployment can be automated across mobile to mainframe? In his session at @DevOpsSummit at 20th Cloud Expo, Vaughn Marshall, Sr. Principal Product Owner at CA Technologies, will discuss and demo how increasingly teams are developing with agile methodologies using modern development environments and automating testing and deployments, mobile to mainframe.
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...