UK Professional Indemnity Market Review 2016

(EstateNewsWire.com, January 24, 2018 ) This report provides an in-depth analysis of the UK professional indemnity insurance market. It looks at market size and profitability as well as changes in premiums, claims, distribution, regulations, and future opportunities. It provides a thorough overview of the market along with a GWP forecast for the coming years.

For many years now, the UK's professional indemnity (PI) insurance market has been over-capacitated and increasingly marginal. Current market conditions are difficult to endure at both ends of the scale, with the incumbents finding it difficult to maximize any opportunity for expansion, while new entrants are offering rates so low that survival would be difficult should there be an onslaught of claims. The PI market is one of the more stagnant of the commercial lines and little can be expected in the way of growth over the coming years.

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Key Findings:
- Our estimate for the size of the PI market stood at £1.71bn in 2015.
- Insurers are beginning to see a wave of claims from certain areas associated with the financial services industry, such as investment and accountancy.
- 34% of businesses offering advice don't hold a PI insurance policy.
- AXA is the standout insurance brand in the PI space

Companies Mentioned:
Allianz
RSA
Hiscox
AIG
QBE Insurance (Europe)
Loews Corp
Markel International
Berkshire Hathaway
Chubb
Travelers Insurance

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Reasons to buy:
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Adapt your distribution strategy to ensure it is efficient and still meets customer purchasing habits.

Table of Content:
1. Executive Summary
2 Market Context
3 Professional Indemnity Insurance And Smes
3.1. Pi Remains An Obscure Product Which Insurers Must Aim To Clarify
3.1.1. Over One Third Of Smes Still Do Not Hold Pi Cover
3.1.2. Pi And Cyber Cover Are Among The Least Understood Policies
3.2. Brokers Dominate Pi Distribution But Should Be Wary Of Other Channels
3.2.1. Brokers Remain The First Point Of Call For Pi Purchase
3.2.2. The Rise Of Online Trading Is Seeing More Providers Cater To Low-Level Business
3.2.3. Purchasing Pi Cover Online Is The Preferred Option Among Smes
4 Competition
4.1. A Select Few Insurers Stand Out In The Pi Market
4.1.1. Axa Leads The Way As The Most Selected Insurer By Smes For Pi Cover
4.1.2. Aig Is Estimated To Have Led The Market By Gwp In 2015
4.1.3. Brokers Favor Hiscox For Placement Of Pi Business
5 Appendix
5.1. Abbreviations And Acronyms
5.2. Definitions
5.2.1. Cagr
5.2.2. Cor
5.2.3. Gross Premium
5.2.4. Sme
5.2.5. Written Premiums
5.3. Methodology
5.3.1. Primary And Secondary Research
5.3.2. Publisher's 2016 Uk Commercial Broker Survey
5.3.3. Publisher's 2016 Uk Sme Insurance Survey
5.4. Bibliography
5.5. Further Reading

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