Professional Indemnity Market Review 2018 Analysis by AXA, Aviva, Hiscox, Markel, HCC, Travelers, QBE, AmTrust, Lloyds, Novae, Zurich, Chancery, Locktons, Omnyy

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.

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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.

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.

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

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

3. PROFESSIONAL INDEMNITY INSURANCE AND SMES 25
3.1. Introduction 25
3.2. Over a third of SMEs providing advice do not hold professional indemnity insurance 25
3.3. Brokers and organizations such as trade associations remain popular channels for purchasing PII 27

4. COMPETITION 34
4.1. Introduction 34
4.2. The leading PI insurers differ by sector 34

5. APPENDIX 41
5.1. Abbreviations and acronyms 41
5.2. Definitions 41
5.2.1. SMEs 41
5.3. Supplementary data 42
5.4. Methodology 43
5.4.1. Primary and secondary research 43
5.4.2. GlobalData’s 2018 UK Commercial Broker Survey 43
5.4.3. GlobalData’s 2018 UK SME Insurance Survey 43
5.5. Bibliography 44
5.6. Further reading 45

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