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Professional Indemnity Insurance in Austria

  • February 2016
  • -
  • Finaccord
  • -
  • 34 pages

Professional Indemnity Insurance in Austria is a report about the Austrian market for and distribution of policies covering professional liability. For 2011, 2015 and with a forecast for 2019, the study breaks down the market for professional indemnity insurance on a standardised basis by professional group with 13 categories considered as follows:

accountancy and finance;
architecture;
D&B (design and build);
engineering;
estate agency;
financial and insurance intermediation;
healthcare-related services;
IT and business consulting;
legal services;
media and marketing;
medicine and dentistry;
surveying;
other professional sectors.
In particular, the report quantifies the number, growth in number and segmentation of insurable enterprises in Austria from 2011 to 2015 plus the value, growth and segmentation of the market for professional indemnity insurance over the same time frame and with a forecast to 2019. These segmentations are provided not only for each of the 13 aforementioned professional categories but also by annual fee income or turnover band in order to show the potential and actual market value in Austria attributable to the largest and smallest professional enterprises.

In addition, three further segmentations of the market value in 2015 are also given: between business dealt with by domestic underwriters and that placed with non-domestic underwriters; between new business and renewals; and between primary layer and excess layer business.

Moreover, on the basis of a survey of leading brokers of professional indemnity cover in Austria, the report identifies the underwriters of this type of insurance that are used most frequently and provides estimates for the market shares by premium income of leading underwriters in 2015 for all forms of professional indemnity cover combined expressed as a percentage range (e.g. 5.0% to 7.5%).

Finally, the study identifies affinity schemes for professional indemnity insurance in Austria set up between professional / trade associations with a nationwide remit and brokers or underwriters of this type of cover (based on a survey of over 70 such associations), highlights other distribution channels used to sell this form of insurance (e.g. brokers, direct sales, online aggregators, other affinity partners) and discusses key issues associated with the market.

Table Of Contents

Professional Indemnity Insurance in Austria
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is this report about? 3
Finaccord's study breaks down individual country markets into 13 professional categories… 3
… with a number of other key segmentations also provided 3
Rationale 3
This series of reports delivers up-to-date research about a complex, multi-faceted insurance sector… 3
with affinity schemes researched in detail through the associated PartnerBASE dataset 4
Methodology 4
Survey of professional and trade associations 4
Survey of brokers and underwriters 4
Market data 6
Definitions 6
Professional indemnity insurance 6
Professional categories 6
Operating models 8
Other notes 9
PartnerBASE and market data file 9
Finaccord 9
20 MARKET ANALYSIS 11
Introduction 11
Number, growth in number and segmentation of insurable enterprises 12
One professional category accounts for more than one quarter of insurance enterprises in Austria… 12
… and this also grew most rapidly between 2011 and 2015 12
The universe of insurance enterprises is heavily skewed to small businesses 14
Market value, growth and segmentation 16
The IT and business consulting category has delivered the highest premium growth… 16
… although it is only the sixth-largest out of 13 by value 16
The overall penetration rate is likely to be close to two thirds of insurable enterprises 16
Premiums have been growing at a similar rate across all annual fee income or turnover bands 18
While hospital liability is partly covered through public funds, hospitals still need to take out insurance 20
Master builders (‘Baumeister') are responsible for a significant proportion of the DandB market value 20
Some lawyers take out additional cover over and above that available from regional chambers 20
A relatively low proportion of the total market value is underwritten outside of Austria… 21
… and the bulk of the market is made up of renewals as opposed to new business… 22
… and of primary layer as opposed to excess layer business 23
Underwriter utilisation and market shares 24
UNIQA and Zurich enjoy the highest regular utilisation rates among brokers researched 24
No insurer is believed to hold a share of more than 20% of the professional indemnity insurance market… 25
… in which around 20 underwriters compete in total 25
Affinity schemes with professional and trade associations 27
Affinity schemes are quite widespread among professional associations in Austria… 27
… and no single broker has established a dominant position in this activity 28
Among underwriters, UNIQA can be identified with the greatest number of affinity schemes… 29
… followed by Generali and HDI 29
Other distribution channels 30
Brokers 30
PROFESSIONAL INDEMNITY INSURANCE IN AUSTRIA
© FINACCORD (01/2016) ii
Brokers of professional indemnity cover include both international and national firms 30
Direct sales 31
Professional indemnity cover can be bought directly (or via tied agents) from many insurers 31
Online aggregators 31
Two aggregators intermediate medical liability insurance policies 31
Other affinity partners 31
Market value forecast 31
Compound annual growth rates up to 2019 will vary by category from a low of 22% to a high of 34% 31
… with total premiums soon likely to exceed EUR 200 million 33

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Number of insurable enterprises and value of professional indemnity insurance in Austria, segmented by professional sector, 2015 2
10 INTRODUCTION 3
Professional associations contacted by Finaccord, segmented by professional category and membership type 5
20 MARKET ANALYSIS 11
Number of insurable enterprises in Austria, segmented by professional sector, 2015 12
Compound annual growth or decline in number of insurable enterprises in Austria, segmented by professional sector, 2011 to 2015 13
Number of insurable enterprises in Austria, segmented by professional sector, 2011 and 2015 (table) 14
Number of insurable enterprises in Austria, segmented by annual fee income / turnover band, 2011 and 2015 15
Number of insurable enterprises in Austria, segmented by annual fee income / turnover band, 2011 and 2015 (table) 15
Gross written premiums for professional indemnity insurance in Austria, segmented by professional sector, 2011 and 2015 17
Gross written premiums for professional indemnity insurance in Austria, segmented by professional sector, 2011 and 2015 (table) 18
Gross written premiums for professional indemnity insurance in Austria, segmented by annual fee income / turnover band, 2011 and 2015 19
Gross written premiums for professional indemnity insurance in Austria, segmented by annual fee income / turnover band, 2011 and 2015 (table) 19
Gross written premiums for professional indemnity insurance in Austria segmented between domestic and non-domestic underwriters, 2015 21
Gross written premiums for professional indemnity insurance in Austria segmented between new business and renewals, 2015 22
Gross written premiums for professional indemnity insurance in Austria segmented between primary and excess layer business, 2015 23
Percentage of brokers surveyed making regular use of particular underwriters for professional indemnity insurance in Austria, 2015 24
Estimated market shares of underwriters of professional indemnity insurance in Austria, 2015 26
Estimated market shares of underwriters of professional indemnity insurance in Austria, 2015 (table) 27
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Austria: provision rate and operating models, 2015 28
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Austria: broker share of partnerships, 2015 29
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Austria: underwriter share of partnerships, 2015 30
Gross written premiums for professional indemnity insurance in Austria, segmented by professional sector, 2019 (forecast) 32
Gross written premiums for professional indemnity insurance in Austria, segmented by professional sector, 2019 (forecast) (table) 33
Gross written premiums for professional indemnity insurance in Austria, segmented by annual fee income / turnover band, 2019 (forecast) 34
Gross written premiums for professional indemnity insurance in Austria, segmented by annual fee income / turnover band, 2019 (forecast) (table) 34

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