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UK Professional Indemnity Insurance 2012: Competitor Dynamics, Verdict

  • February 2013
  • -
  • GlobalData
  • -
  • 20 pages

Summary

Table of Contents

Summary
The professional indemnity (PI) market is a segmented business based on professions. As such insurers within this space operate a segmented strategy, with each focusing on different professions based on size, profitability, and often where professionals are legally required to have PI cover in place.


Synopsis
- Benchmark your position against the top PI insurers.
- Identify the insurers national, super-regional and provincial brokers are placing their PI risks with.
- Identify which new professions insurers are targeting.
- Plan your SME strategy against the market leaders.

Reasons To Buy
- Who are the top insurers within the PI market?
- Which professions have insurers targeted with new products?
- Who is successfully growing their SME book?
- Which insurer do brokers prefer to place their PI business with?

Key Highlights
Competition continued to grow as new entrants targeted PI segments as areas of growth. This was particularly the case in the solicitors' market, where AmTrust, Latvia-based Balva, Bermuda-based Axis, and Gibraltar-based Elite all entered the market at October renewal.

2012 saw a number of insurers boosting their presence in the SME PI market, and according to Verdict Financial's SME Insurance Survey 2012 the most successful was AXA, which boosted its share by 4.6%. Direct Line for Business and Legal andamp; General also grew their books.

According to Verdict Financial's Broker Survey 2012, when asked which insurer brokers place the majority of their PI risks with, Markel came out as the overall favorite.

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