UK Professional Indemnity Market Review 2018
- December 2018
- 47 pages
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.
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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