Professional Indemnity Insurance in the UK, Key Trends and Opportunities to 2017

Topics: Insurance, Indemnity, Marketing Pages: 5 (991 words) Published: March 12, 2014
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...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Personal Accident and Health Insurance in Luxembourg, Key Trends and Opportunities to 2017 Essay
  • Essay about Reinsurance Market in Vietnam-Key Trends & Opportunities to 2017
  • Reinsurance in Bulgaria, Key Trends and Opportunities to 2017 Essay
  • Essay about Life Insurance Market in Poland-Key Trends,Growth & Forecast to 2017
  • Life Insurance in Hong Kong, Key Trends and Opportunities to 2018 Essay
  • Trends and Opportunities in the Non-Life Insurance Industry in Qatar, 2017 Essay
  • Life Insurance Market in Latvia
  • Construction in Peru: Key Trends and Opportunities, 2018 Research Paper

Become a StudyMode Member

Sign Up - It's Free