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Professional Indemnity Insurance in the UK, Key Trends and Opportunities to 2017
Aug 20, 2015
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Professional Indemnity
Insurance in the UK, Key Trends
and Opportunities to 2017
Category : Insurance
All logos and Images mentioned on this slide belong to their respective owners.
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Introduction to Report
Launch Date: March 7, 2014
Number of Pages: 61
Geography Coverage: United Kingdom
Available Format: PDF
Price For Single User License: USD 2,795
Price For Site License: USD 5,590
Price For Global User License: USD 8,385
Delivery Time: Within 24 Hours (During Working Days)
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About the Report
Premium growth in the professional indemnity insurance category remained soft during the review period (2008–2012), and declined at a compound annual growth rate (CAGR) of 0.20%, as an increase in professional negligence court cases and the volume of registered professionals requiring cover was outweighed by the recessionary economic backdrop.
Premiums rose by 2.8% in 2012, to a total of GBP2.05 billion, while a further GBP0.60 billion is estimated to have been underwritten by syndicates on the Lloyd’s market.
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Research Findings
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 (2013–2017), with growth expected on an annual basis.
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 members’ ongoing struggles to obtain professional indemnity cover.
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Research Findings Continues..
Stronger economic growth over the forecast period is expected to ease litigation and reduce claims costs. Nevertheless, the six-year statute of limitations means insurers remain liable for negligent acts which occurred during the recession.
Muted growth was recorded during 2008–2012
Despite soft prices, insurance was difficult to obtain
The category will benefit from favorable factors during the forecast period
Capacity for higher-risk groups remains an issue
Claims will be subject to upside pressures
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Scope
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
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Reasons To Buy
Make strategic business decisions using in depth historic and forecast market data related to the Danish reinsurance segment and each sector within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Danish reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Danish insurance industry and its impact on companies and the market's future
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Report Coverage
1. Executive Summary 2. Introduction3. Market Analysis4. Competitive Landscape5. Porter’s Five Forces Analysis6. Deals7. News8. Regulation and Compliance9. Macroeconomic Backdrop10.Company Profiles11.Statistics12.Appendix
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Company Coverage
1. ACE European Group Ltd2. AIG Europe Ltd3. AmTrust Europe Ltd4. Chubb Insurance Company of Europe SE5. CNA Insurance Company Ltd6. HCC International Insurance Company Plc7. Hiscox Ltd8. QBE Insurance (Europe) Ltd9. Royal & Sun Alliance Insurance Plc 10. XL Group Plc
For more details regarding Report coverage see the last slide
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