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United Kingdom Professional Indemnity Market Review 2018 - ResearchAndMarkets.com

January 11, 2019

DUBLIN--(BUSINESS WIRE)--Jan 11, 2019--The “UK Professional Indemnity Market Review 2018” report has been added to ResearchAndMarkets.com’s offering.

The winds of change gathered pace in 2018, with premium rate rises and significant reductions in Lloyd’s market capacity driving a step-change in H2. Further significant changes are anticipated in 2019 as professional indemnity insurers continue taking steps to address unsustainable levels of unprofitability.

Scope

Over the last five years much of the growth in underlying demand has occurred among non-traditional professions and SMEs. Legal services are among the biggest buyers of PII, and, in comparison to other professions, only doctors and dentists have a higher number of insureds. The technology, management consultancy, and freelance sectors can be particularly pinpointed as driving growth in the non-traditional or miscellaneous sectors. Professions impacted by the change in data protection rules through the EU’s General Data Protection Regulation (GDPR), which came into force in May 2018, have reportedly been looking more carefully at the potential benefits of PII and cyber cover.

Key Topics Covered:

1. EXECUTIVE SUMMARY

1.1. Market summary

1.2. Key findings

1.3. Critical success factors

2. MARKET CONTEXT

2.1. Introduction

2.2. Growth in the PII market was driven by the construction, solicitors’ excess layer, and IFA sectors in 2018

2.3. Growth in underlying demand for PII remains muted among traditional professions, with slowing growth in miscellaneous’ occupations

2.4. 2018 saw the start of a more significant withdrawal of capacity and a shift in premium rates in certain sectors

2.5. Profitability has reached unsustainable levels

2.6. Higher growth is expected in the PII market over the next couple of years

3. PROFESSIONAL INDEMNITY INSURANCE AND SMES

3.1. Introduction

3.2. Over a third of SMEs providing advice do not hold professional indemnity insurance

3.3. Brokers and organizations such as trade associations remain popular channels for purchasing PII

3.4. The Internet is the most favored platform for SMEs buying PII

3.5. Human interaction remains important for small companies

3.6. Over half of SMEs with PII could be described as price-sensitive

3.7. Cyber risks remain a key issue, with clear cross-selling opportunities among small and medium companies that offer professional advice

4. COMPETITION

4.1. Introduction

4.2. The leading PI insurers differ by sector

4.3. After a raft of withdrawals in 2018 and increased market scrutiny on PII profitability, Lloyd’s’ share of the market will shrink

4.4. Travelers, QBE, and AmTrust remain the leading solicitor PII insurers

4.5. AXA, Aviva, and Hiscox fight it out for SME professional indemnity cover

4.6. Hiscox remains the most favored insurer for PII placement among brokers in 2018

5. APPENDIX

Companies Mentioned

AXA Aviva Hiscox Markel HCC Travelers QBE AmTrust Lloyds Novae Zurich Chancery Locktons Omnyy

For more information about this report visit https://www.researchandmarkets.com/research/t939rf/united_kingdom?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20190111005132/en/

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Related Topics:Insurance

KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 01/11/2019 06:03 AM/DISC: 01/11/2019 06:03 AM

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