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Professional Indemnity Insurance in Belgium

  • November 2013
  • -
  • Finaccord
  • -
  • 26 pages

Professional Indemnity Insurance in Belgium is about the Belgian market for and distribution of policies covering professional liability. For 2009, 2013 and with a forecast for 2017, the study breaks down the market for professional indemnity insurance on a standardised basis by professional group with 12 categories considered as follows:

accountancy and finance;
alternative medicine;
architecture and engineering;
broadcasting and publishing;
estate agency and property;
financial and insurance intermediation;
healthcare-related services;
IT and business consulting;
legal services;
marketing;
medicine and dentistry;
and other professional sectors.

On the basis of a survey of 90 professional associations, it also identifies affinity schemes for professional indemnity insurance in Belgium set up between professional associations and brokers or underwriters of this type of cover. In addition, it highlights other key underwriters and brokers of professional indemnity insurance and other distribution channels used to sell this form of insurance, and discusses key issues associated with the market. As such, the report is the most comprehensive analysis of professional indemnity insurance in Belgium available in a published format.

You may be able to use this report and the accompanying PartnerBASE™ dataset in one or more of the following ways:

- to compare the size, growth rates and future prospects of professional indemnity insurance markets in Belgium;

- to evaluate the potential for your organisation to target professional indemnity propositions at specific professions;

- to understand the competitive environment for broking and underwriting by professional category;

- to gain access to a single comprehensive source of information providing broker and / or underwriter details for affinity schemes set up by professional associations in Belgium for this form of insurance;

- to appreciate which professional categories offer the best long-term potential, which are already saturated with competitors, and what product or distribution innovations are occurring.

Table Of Contents

Professional Indemnity Insurance in Belgium
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
Finaccord's study breaks down individual country markets into 12 professional categories 3
Rationale 3
This series of reports brings this complex sector up to date 3
with affinity schemes researched in detail through the associated PartnerBASE dataset 3
Methodology 4
Association survey 4
Market data 4
Definitions 6
Professional indemnity insurance 6
Operating models 7
Other notes 7
PartnerBASE and market data annexe 8
Finaccord 8
2.0 MARKET ANALYSIS 9
Introduction 9
Number of insurable enterprises 10
The largest professional sector by number of enterprises accounts for over a quarter of the total 10
The sector of IT and business consulting grew most quickly in number between 2009 and 2013 11
Market size 13
Professional indemnity insurance is usually compulsory for the traditional liberal professions 13
Medicine and dentistry is likely to be the largest sector in terms of overall premiums 14
and the 2010 reform of medical liability has not eliminated a need for cover in this area 15
Professional indemnity insurance for architects and engineers is also a sizeable market 15
Professional indemnity cover makes up a fairly small component of total general liability insurance 16
Affinity schemes 17
Just under half of professional associations have an affinity scheme for professional indemnity insurance 17
with partnerships spread across 13 brokers, headed by Marsh… 17
…followed by Concordia and Protectas 18
…and with eight brokers limited to one scheme each 19
Among underwriters, Ethias leads the field ahead of AIG, Allianz and AR-CO 19
with the latter focusing specifically on the sector of architects and engineers 19
Belgian notaries lay claim to their own dedicated insurer in the shape of Verzekeringen van het Notariaat 19
Other key insurance providers and distribution channels 20
Away from affinity schemes, several other brokers and underwriters are also prominent in this market 20
Local brokers are the preferred distribution channel for self-employed professionals 20
Market forecast 22
Premium growth is expected to derive mainly from a rise in the number of professional enterprises 22

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
Number of insurable enterprises and value of professional indemnity insurance in Belgium, segmented by
professional sector, 2013 2
1.0 INTRODUCTION 3
Professional associations contacted by Finaccord, segmented by professional category and membership
type 5
2.0 MARKET ANALYSIS 9
Number of insurable enterprises in Belgium, segmented by professional sector, 2013 10
Compound annual growth or decline in number of insurable enterprises in Belgium, segmented by
professional sector, 2009-2013 11
Number of insurable enterprises in Belgium, segmented by professional sector, 2009 and 2013 (data) .. 12
Approximate gross written premiums for professional indemnity insurance in Belgium, segmented by
professional sector, 2009 and 2013 13
Approximate gross written premiums for professional indemnity insurance in Belgium, segmented by
professional sector, 2009 and 2013 (data) 14
Approximate gross written premiums for total general liability insurance and gross written premiums for
professional indemnity insurance as a percentage of these in Belgium, 2009 and 2013 16
Affinity schemes for professional indemnity insurance in Belgium: provision rate and operating models,
2013 17
Affinity schemes for professional indemnity insurance in Belgium: broker share of partnerships, 2013 18
Forecast for gross written premiums for professional indemnity insurance in Belgium, segmented by
professional sector, 2013 and 2017 22
Forecast for gross written premiums for professional indemnity insurance in Belgium, segmented by
professional sector, 2010 and 2014 (data) 23

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