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Professional Indemnity Insurance in France

  • March 2016
  • -
  • Finaccord
  • -
  • 33 pages

Professional Indemnity Insurance in France is a report about the French 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 France 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 France 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 France, 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 France 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 170 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 France
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 8
PartnerBASE and market data file 8
Finaccord 9
20 MARKET ANALYSIS 11
Introduction 11
Number, growth in number and segmentation of insurable enterprises 12
By number of insurable enterprises, the category of healthcare-related services is France's largest… 12
… albeit the IT and business consulting category has been growing most rapidly 12
The vast majority of insurable enterprises are concentrated in the lowest annual turnover band 14
Market value, growth and segmentation 16
Cover is obligatory for many liberal professions and this often applies to relatively low-risk activities… 16
… producing a comparatively high take-up rates across all insurable enterprises 16
There is an increasing culture for litigation in France 16
Medicine and dentistry constitutes the largest market segment by value 16
Premiums in the DandB category are not far behind those in the engineering category 17
IT and business consultants quite often acquire professional indemnity insurance 17
French nurses sometimes take out supplementary cover to insure against gross negligence 17
The number and value of claims against legal services firms has tended to be moderate 17
About 60% of the accounting profession is covered through the affinity scheme of the professional body 17
CGPA provides professional indemnity cover for around 13,000 insurance intermediaries in France 17
A substantial proportion of premiums is secured from smaller professional enterprises… 19
… and a significant amount is dealt with by underwriters based outside of France itself 21
There is an apparently high switching rate for professional indemnity insurance in France 22
Around 15% of the total market value is believed to be due to excess layer business 23
Underwriter utilisation and market shares 23
AXA enjoys the highest regular utilisation rate among brokers researched… 23
… albeit another seven are reportedly used frequently by more than a half of brokers 23
The likely market leader controls between 18% and 24% of total premiums 24
There are around 50 competing underwriters in total including several specialists 25
Around 45% of independent health professionals hold at least one policy with La Medicale 26
Sham claims to account for around 50% of the French medical liability insurance market 26


MAF and SMA are the main specialists in the architecture, DandB and engineering categories 26
Affinity schemes with professional and trade associations 27
Over a quarter of associations researched have an affinity scheme for professional indemnity cover… 27
… with Add Value Assurances having secured the most partnerships among brokers… 27
closely followed by Aon 28
Allianz, AXA and Covea are each identifiable in connection with six affinity programs… 28
… and are followed by MACSF with three and AIG with two 28
Other distribution channels 29
Brokers 29
Direct sales 29
Professional indemnity cover can often be bought directly from insurers or via their tied agents… 29
Online aggregators 30
… and at least eight price comparison sites offer it… 30
Other affinity partners 30
… but it is rarely available from other types of affinity partner 30
Market value forecast 30
A nominal compound annual growth rate of 25% is forecast for premiums through to 2019… 30
… albeit progress will be slightly more rapid among the smallest insurable enterprises 32

LIST OF GRAPHICS / TABLES

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

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