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UK Professional Indemnity Insurance 2012: Market Dynamics and Opportunities

  • January 2013
  • -
  • GlobalData
  • -
  • 33 pages

Summary

Table of Contents

Summary
The professional indemnity market is heavily influenced by the state of the economy, high levels of competition and new legislation, making it a very challenging market. This report analyses these factors and provides insight into the effects on the market both in the short and the long term.


Synopsis
- Use this report to ensure you're ready for the changing legislation facing this market
- Helps you gain an insight in the trends in premium rates, product penetration, GWP, loss ratios and claims.
- Ensure you are active in the professions which offer the best opportunities.
- Map your long term strategy against future developments in the market and forecast GWP to 2016.

Reasons To Buy
- How did the PI market fare over the last two years in terms of GWP, COR, loss ratio, expense ratio and claims?
- What happened in the main professions covered by PI and how are legislation and the economy affecting their evolution?
- Which professions see the most claims and how will claims evolve in the next few years?
- What are the key factors shaping the market and where are the main opportunities for growth?
- What are the main challenges in the market? How will the market develop in the next five years in terms of GWP?

Key Highlights
The PI market will see very slow increases in gross written premiums, and future growth will be driven by the macroeconomic climate (if the economy recovers) and expansion into new professions.

Part of Jackson's package of reforms coming into force in April 2013 under the form of the Legal Aid, Sentencing and Punishment of Offenders Act (LAPSO) will likely have both positive and negative impacts on solicitors and other professions involved in litigations.

The result of recent investment failures has inspired many professional indemnity insurers to reduce the cover they offer to IFAs, stop writing new business or significantly increase premiums. Also the Retail Distribution Review is likely to have an impact on IFAs market this year.

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