Professional Indemnity Insurance in the UK, Key Trends and Opportunities to 2017 On 7th March 2014
The professional indemnity insurance category is projected to generate GBP2.33 billion in premiums by 2017 and premiums are forecast to rise at a CAGR of 2.57% over the forecast period (20132017), with growth expected on an annual basis.
An expected increase in the number of professionals subject to compulsory professional indemnity insurance requirements and insurers expanding into sectors with voluntary insurance needs, such as engineering, information technology and marketing will act as the key growth drivers. Marked improvements in the UKs economic conditions as the country enters a stronger recovery phase will provide a further impetus for growth in demand.
Professional bodies such as the Solicitors Regulation Authority (SRA), the Royal Institute of Chartered Surveyors (RICS) and the Association of Professional Financial Advisers (APFA) have expressed dismay at member’s ongoing struggles to obtain professional indemnity cover. Large insurers withdrew policies for these clients during the review period, citing unsustainable risk exposure as the reason. The SRA compounded access issues through its abolition of a communal risks pool in 2013, which resulted in the closure of 136 firms unable to obtain mandatory insurance coverage. Benefits of this Report:-.
This report provides market analysis, information and insights into the UK professional indemnity insurance business. It provides a snapshot of the market size
It analyses drivers and the outlook for the market
It provides information on distribution channels
It covers deals, news and regulatory developments The report provides market analysis, information and insights into the UK professional indemnity insurance business. It provides a snapshot of the markets size and segmentation. It offers a comprehensive analysis of claims, drivers and market outlook. It provides an analysis of distribution channels.
It summaries deals, news and regulatory developments
Table of Content:-
1 Executive Summary
2 Introduction
2.1 what is this Report About?
2.2 Definitions
2.3 Methodology
3 Market Analysis
3.1 Market Size
3.1.1 Penetration and density
3.2 Claims
3.2.1 Claims review
3.2.2 Claims outlook
3.3 Market Drivers
3.4 Market Outlook
3.5 Distribution Channels
3.5.1 Distribution outlook
4 Competitive Landscape
4.1 Investment Returns
4.2 Review The Best Performers of 2012
4.3 Product Innovation
4.4 Professional Indemnity Insurance SWOT Analysis
5 Porters Five Forces Analysis
5.1 Bargaining Power of Suppliers: Low
5.2 Bargaining Power of Buyers: Low
5.3 Barriers to Entry: Medium to High
5.4 Intensity of Rivalry: Medium
5.5 Threat of Substitution: Low
6 Deals
6.1 Law Society Venture for Small Legal Firms
6.2 Aon and QBE Absorb Capacity
6.3 JLT Renews Deal with AmTrust
6.4 Willis Expands its Professional Indemnity Broker Network 7 News
7.1 Royal College of Nurses Closes Indemnity Loophole
7.2 HCC International Expands its Professional Indemnity Team 7.3 RICS Cites Unnecessary Claims by Mortgage Lenders
7.4 SRA Considers Ban on Unrated Insurers
7.5 Uninsured Solicitors Firms Forced to Close
7.6 XL Trims its Share of Solicitors Indemnity Insurance
7.7 New Underwriter for IFAs
7.8 Balva Issued with Winding-Up Order
7.9 Aviva Withdraws SME Cover
8 Regulation and Compliance
8.1 Recent Changes
8.1.1 Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO) 8.1.2 Health Care and Associated Professions (Indemnity Arrangements) Order 2013 8.2 Upcoming Regulations
8.1.4 Solvency II
9 Macroeconomic Backdrop
9.1 Real GDP Growth
9.2 Property Market Dynamics
9.3 Labor Market Conditions
9.4 Interest Rates
10 Company Profiles
10.1 ACE European Group Ltd Company Overview
10.1.1 ACE European Group Ltd key facts
10.1.2 ACE European Group Ltd main products
10.1.3 ACE European Group Ltd main competitors
10.1.4 ACE European Group Ltd key employees
10.2 AIG Europe Ltd Company Overview
10.2.1 AIG Europe Ltd key facts
10.2.2 AIG Europe Ltd main products
10.2.3 AIG Europe Ltd main competitors
10.2.4 AIG Europe Ltd key employees
10.3 AmTrust Europe Ltd Company Overview
10.3.1 AmTrust Europe Ltd key facts
10.3.2 AmTrust Europe Ltd main products
10.3.3 AmTrust Europe Ltd main competitors
10.3.4 AmTrust Europe Ltd key employees
10.4 Chubb Insurance Company of Europe SE Company Overview
10.4.1 Chubb Insurance Company of Europe SE key facts
10.4.2 Chubb Insurance Company of Europe SE main products
10.4.3 Chubb Insurance Company of Europe SE main competitors 10.4.4 Chubb Insurance Company of Europe SE key employees
10.5 CNA Insurance Company Ltd Company Overview
10.5.1 CNA Insurance Company Ltd key facts
10.5.2 CNA Insurance Company Ltd main products
10.5.3 CNA Insurance Company Ltd main competitors
10.5.4 CNA Insurance Company Ltd key employees
10.6 HCC International Insurance Company Plc Company Overview 10.6.1 HCC International Insurance Company Plc key facts .
10.6.2 HCC International Insurance Company Plc main products 10.6.3 HCC International Insurance Company Plc main competitors 10.6.4 HCC International Insurance Company Plc key employees 10.7 Hiscox Ltd Company Overview.
10.7.1 Hiscox Ltd key facts
10.7.2 Hiscox Ltd main products
10.7.3 Hiscox Ltd main competitors
10.7.4 Hiscox Ltd key employees
10.8 QBE Insurance (Europe) Ltd Company Overview
10.8.1 QBE Insurance (Europe) Ltd key facts
10.8.2 QBE Insurance (Europe) Ltd main products
10.8.3 QBE Insurance (Europe) Ltd main competitors
10.8.4 QBE Insurance (Europe) Ltd key employees
10.9 Royal & Sun Alliance Insurance Plc Company Overview
10.9.1 Royal & Sun Alliance Insurance Plc key facts
10.9.2 Royal & Sun Alliance Insurance Plc main products
10.9.3 Royal & Sun Alliance Insurance Plc main competitors
10.9.4 Royal & Sun Alliance Insurance Plc key employees
10.10 XL Group Plc Company Overview
10.10.1 XL Group Plc key facts
10.10.2 XL Group Plc main products
10.10.3 XL Group Plc main competitors
10.10.4 XL Group Plc key employees
11 Statistics
11.1 Review Period: 20082012
11.2 Forecast Period: 20132017
12 Appendix
12.1 Methodology
12.2 Contact Timetric
12.3 About Timetric
12.4 Timetrics Services
12.5 Disclaimer
Reasons to Buy:-
Gain an understanding of the UK professional indemnity insurance market Learn about the performance of market drivers and distribution channels Understand the competitive landscape in terms of performance, profitability and product innovation Find out more on key deals and recent developments in the market Key Highlights:-.
Muted growth was recorded during 20082012
Despite soft prices, insurance was difficult to obtain
The category will benefit from favorable factors during the forecast period Capacity for higher-risk groups remains an issue Claims will be subject to upside pressures.
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Our reports are a well-researched work of market researchers with an extensive knowledge and a good level of market experience. To read more on Professional Indemnity Insurance in the UK, Key Trends and Opportunities to 2017 see the latest research report http://www.jsbmarketresearch.com/finance-banking/r-Professional-Indemnity-Insurance-in-the-UK-Key-Trends-and-Opportunities-to-2017-102557.