Professional Indemnity Insurance in the UK, Key Trends and Opportunities to 2017
Professional Indemnity Insurance in the UK, Key Trends and Opportunities to 2017 On 7th March 2014
The professional indemnity insurance category is projected to generate GBP2.33 billion in premiums by 2017 and premiums are forecast to rise at a CAGR of 2.57% over the forecast period (20132017), with growth expected on an annual basis. An expected increase in the number of professionals subject to compulsory professional indemnity insurance requirements and insurers expanding into sectors with voluntary insurance needs, such as engineering, information technology and marketing will act as the key growth drivers. Marked improvements in the UKs economic conditions as the country enters a stronger recovery phase will provide a further impetus for growth in demand.
Professional bodies such as the Solicitors Regulation Authority (SRA), the Royal Institute of Chartered Surveyors (RICS) and the Association of Professional Financial Advisers (APFA) have expressed dismay at member’s ongoing struggles to obtain professional indemnity cover. Large insurers withdrew policies for these clients during the review period, citing unsustainable risk exposure as the reason. The SRA compounded access issues through its abolition of a communal risks pool in 2013, which resulted in the closure of 136 firms unable to obtain mandatory insurance coverage.
Benefits of this Report:-
This report provides market analysis, information and insights into the UK professional indemnity insurance business.
It provides a snapshot of the market size
It analyses drivers and the outlook for the market
It provides information on distribution channels
It covers deals, news and regulatory developments The report provides market analysis, information and insights into the UK professional indemnity insurance business.
It provides a snapshot of the markets size and segmentation.
It offers a comprehensive analysis of claims, drivers and market outlook.
It provides an analysis of distribution
The professional indemnity insurance category is projected to generate GBP2.33 billion in premiums by 2017 and premiums are forecast to rise at a CAGR of 2.57% over the forecast period (20132017), with growth expected on an annual basis. An expected increase in the number of professionals subject to compulsory professional indemnity insurance requirements and insurers expanding into sectors with voluntary insurance needs, such as engineering, information technology and marketing will act as the key growth drivers. Marked improvements in the UKs economic conditions as the country enters a stronger recovery phase will provide a further impetus for growth in demand.
Professional bodies such as the Solicitors Regulation Authority (SRA), the Royal Institute of Chartered Surveyors (RICS) and the Association of Professional Financial Advisers (APFA) have expressed dismay at member’s ongoing struggles to obtain professional indemnity cover. Large insurers withdrew policies for these clients during the review period, citing unsustainable risk exposure as the reason. The SRA compounded access issues through its abolition of a communal risks pool in 2013, which resulted in the closure of 136 firms unable to obtain mandatory insurance coverage.
Benefits of this Report:-
This report provides market analysis, information and insights into the UK professional indemnity insurance business.
It provides a snapshot of the market size
It analyses drivers and the outlook for the market
It provides information on distribution channels
It covers deals, news and regulatory developments The report provides market analysis, information and insights into the UK professional indemnity insurance business.
It provides a snapshot of the markets size and segmentation.
It offers a comprehensive analysis of claims, drivers and market outlook.
It provides an analysis of distribution