Abstract
Overview
Introduction
Soft market conditions continued to affect business in the UK professional
indemnity market in 2007, with low claims volumes allowing competition to
remain strong and premium rates to decline. Premiums continued to fall despite
new business driving an increase in policy numbers.
Scope
- Estimates of the professional indemnity insurance market size.
- Market share data for the top ten professional indemnity insurers.
- Forecasted scenario for the market until 2012, developed with industry
representatives and Datamonitor' s in-house expertise
Highlights
An increasing number of brokers have opened regional branches in order to get
closer to more remote clients. This is allowing them to gain market share at
the expense of those brokers and insurers which are becoming increasingly
centralized, and this could effectively lead to de-consolidation in the PI
market.
Lloyd' s share of GWP continued on its downward trend in 2006, falling by 1.5
percentage points to 33.6%. Since 2002, Lloyd' s share of the professional
indemnity market has fallen from 56.6% to its current level.
The decline in premium rates was partly offset by growth in the take up of PI
in 2007. On average, interviewees estimated that the number of
policies-in-force increased by approximately 5-10%. The impetus behind the
policy growth is the result of various new professions requiring PI as
government regulation and UK society develop.
Reasons to Purchase
- Gain an understanding of the key drivers of the professional indemnity
market in 2007
- Understand how the distribution of professional indemenity insurance is
evolving
- Develop your business strategy using Datamonitor' s unique sector forecast
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