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.
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.
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
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.