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Professional Indemnity Insurance in Ireland

  • February 2016
  • -
  • Finaccord
  • -
  • 33 pages

Professional Indemnity Insurance in Ireland is a report about the Irish 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 Ireland 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 Ireland 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 Ireland, 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 Ireland set up between professional / trade associations with a nationwide remit and brokers or underwriters of this type of cover (based on a survey of close to 200 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 Ireland
TABLE OF CONTENTS
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 category accounts for over a quarter of insurable professional enterprises in Ireland… 12
… and it is also one that has been growing at a comparatively rapid rate in recent years 12
Insurable enterprises are skewed towards the lowest annual fee income or turnover band 14
Market value, growth and segmentation 16
Several factors have brought about a resumption in gradual premium growth 16
The largest category accounts for almost 30% of the total market value 16
Category-specific take-up rates range from just under 6% to 100% 16
The largest professional enterprises generate just over one quarter of the total market value 18
Rising claims frequency has caused premiums in the medicine and dentistry category to rise quickly 20
The market leader in this sphere is the MPS but there are several alternatives to it 20
The Irish market for professional indemnity cover for solicitors is understood to have stabilised 20
A substantial proportion of the total market value is underwritten outside of Ireland 21
New business accounts for a comparatively high share of total business… 22
… but primary layer dominates excess layer business by a ratio of around 19:1 23
Underwriter utilisation and market shares 23
In terms of broker utilisation for professional risks, AIG and Hiscox are the most prominent insurers 23
The supply structure for underwriting professional indemnity cover in Ireland is a fragmented one… 24
… with over 40 insurers active in it in total 24
Affinity schemes with professional and trade associations 26
Almost a half of associations researched have an affinity scheme for professional indemnity cover… 26
… with OBF Insurance having secured the most partnerships among brokers… 26
followed by Balens 27
Several underwriters can be identified with specific affinity schemes 28
Other distribution channels 29
Brokers 29
Brokers are by far the dominant distribution channel for professional indemnity cover in Ireland… 29
… and a number offer online quote facilities, it not outright online purchasing 29
Direct sales 30
Online aggregators 30
Two online aggregators offer to compare quotes for professional indemnity cover 30
Other affinity partners 30
Market value forecast 30
Market growth up to 2019 is expected to be slightly faster than that from 2011 to 2015 30
… with business rising most among entities with turnover of between EUR 1 million and EUR 5 million 32

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Number of insurable enterprises and value of professional indemnity insurance in Ireland, segmented by professional sector, 2015 2
10 INTRODUCTION 3
Professional and trade associations contacted by Finaccord, segmented by professional category and membership type 5
20 MARKET ANALYSIS 11
Number of insurable enterprises in Ireland, segmented by professional sector, 2015 12
Compound annual growth or decline in number of insurable enterprises in Ireland, segmented by professional sector, 2011 to 2015 13
Number of insurable enterprises in Ireland, segmented by professional sector, 2011 and 2015 (table) 14
Number of insurable enterprises in Ireland, segmented by annual fee income / turnover band, 2011 and 2015 15
Number of insurable enterprises in Ireland, segmented by annual fee income / turnover band, 2011 and 2015 (table) 15
Gross written premiums for professional indemnity insurance in Ireland, segmented by professional sector, 2011 and 2015 17
Gross written premiums for professional indemnity insurance in Ireland, segmented by professional sector, 2011 and 2015 (table) 18
Gross written premiums for professional indemnity insurance in Ireland, segmented by annual fee income / turnover band, 2011 and 2015 19
Gross written premiums for professional indemnity insurance in Ireland, segmented by annual fee income / turnover band, 2011 and 2015 (table) 19
Gross written premiums for professional indemnity insurance in Ireland segmented between domestic and non-domestic underwriters, 2015 21
Gross written premiums for professional indemnity insurance in Ireland segmented between new business and renewals, 2015 22
Gross written premiums for professional indemnity insurance in Ireland segmented between primary and excess layer business, 2015 23
Percentage of brokers surveyed making regular use of particular underwriters for professional indemnity insurance in Ireland, 2015 24
Estimated market shares of underwriters of professional indemnity insurance in Ireland, 2015 25
Estimated market shares of underwriters of professional indemnity insurance in Ireland, 2015 (table) 26
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Ireland: provision rate and operating models, 2015 27
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Ireland: broker share of partnerships, 2015 28
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Ireland: underwriter share of partnerships, 2015 29
Gross written premiums for professional indemnity insurance in Ireland, segmented by professional sector, 2019 (forecast) 31
Gross written premiums for professional indemnity insurance in Ireland, segmented by professional sector, 2019 (forecast) (table) 32
Gross written premiums for professional indemnity insurance in Ireland, segmented by annual fee income / turnover band, 2019 (forecast) 33
Gross written premiums for professional indemnity insurance in Ireland, segmented by annual fee income / turnover band, 2019 (forecast) (table) 33

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