Researchmoz added Most up-to-date research on “Future Demand, Industry Analysis & Outlook Of UK Professional Indemnity Market Review 2018” to its huge collection of research reports.
The winds of change gathered pace in 2018, with premium rate rises and significant reductions in Lloyds 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.
– 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 EUs 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.
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Reasons to buy
– Develop your proposition to target growth segments
– 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 Contents
1. EXECUTIVE SUMMARY 1
1.1. Market summary 1
1.2. Key findings 1
1.3. Critical success factors 1
2. MARKET CONTEXT 7
2.1. Introduction 7
2.2. Growth in the PII market was driven by the construction, solicitors excess layer, and IFA sectors in 2018 7
2.3. Growth in underlying demand for PII remains muted among traditional professions, with slowing growth in miscellaneous occupations 9
2.3.1. Growth in the number of potential policyholders in traditional professions remains muted 9
2.3.2. Consolidation continues to shape the face of traditional professions 10
2.3.3. Traditional profession turnover has continued to rise, indicating greater risk exposure for PI insurers 11
2.3.4. Over the last five years much of the growth in underlying demand has occurred among non-traditional professions and SMEs 12
2.3.5. Miscellaneous PII is believed to be increasingly saturated, not just among larger risks but also for SMEs 14