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Professional Indemnity Insurance in Italy

  • March 2016
  • -
  • Finaccord
  • -
  • 35 pages

Professional Indemnity Insurance in Italy is a report about the Italian 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 Italy 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 Italy 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 Italy, 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 Italy up between professional / trade associations with a nationwide remit and brokers or underwriters of this type of cover (based on a survey of 105 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 Italy
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 9
Finaccord 9
20 MARKET ANALYSIS 11
Introduction 11
Number, growth in number and segmentation of insurable enterprises 12
By number of insurable enterprises, the healthcare-related services category is Italy's largest… 12
… albeit the IT and business consulting category has been growing most rapidly 12
Over 97% of insurable enterprises in Italy have annual fee income or turnover in the lowest band 14
Market value, growth and segmentation 16
The value of Italy's professional indemnity insurance market broke through EUR 1 billion in 2015… 16
… with medicine and dentistry by far the largest individual category within it 16
Well over a half of insurable enterprises are likely to have bought this type of cover 16
Smaller professional enterprises generate a substantial proportion of total premiums 18
Take-up rates have risen sharply in certain categories as a result of regulatory changes 20
Limited domestic capacity creates opportunities for foreign underwriters 20
The architecture, DandB and engineering categories are among those most affected 20
Driven by high loss ratios, the medical profession continues to experience rising premiums 20
The nature of Italy's judicial system presents an obstacle to professional indemnity litigation 21
A fairly high proportion of the total market value is likely to be placed with underwriters outside of Italy 21
On-going business is likely to account for more than three quarters of the total market value… 23
… but excess layer business for a relatively small fraction of it 24
Underwriter utilisation and market shares 25
Most brokers place professional indemnity risks with underwriters at Lloyd's of London… 25
… causing these to be the market leader by premiums when counted together 26
AmTrust's business in Italy is likely to have grown rapidly in recent years… 26
… in a market populated by around 40 insurers underwriting this class in total 26
Affinity schemes with professional and trade associations 28
60% of associations researched have an affinity scheme for professional indemnity cover… 28
… with Aon, AEC Broker and Marsh having secured the most scheme partnerships… 29
… and with AIG ranked second (behind Lloyd's of London) among underwriters 30
Other distribution channels 31
Brokers 31
The distribution share of brokers is pegged back by the influence of tied agents 31
Direct sales 32
‘True' direct sales are unlikely to be especially significant 32
Online aggregators 32
At least five comparison sites in Italy act as intermediaries for professional indemnity cover 32
Other affinity partners 32
There are isolated examples of other types of affinity partner 32
Market value forecast 32
Premium growth is predicted for all professional categories between 2015 and 2019… 32
… with business rising most among entities with annual fee income or turnover in the highest band 34
LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Number of insurable enterprises and value of professional indemnity insurance in Italy, 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 Italy, segmented by professional sector, 2015 12
Compound annual growth or decline in number of insurable enterprises in Italy, segmented by professional sector, 2011 to 2015 13
Number of insurable enterprises in Italy, segmented by professional sector, 2011 and 2015 (table) 14
Number of insurable enterprises in Italy, segmented by annual fee income / turnover band, 2011 and 2015 15
Number of insurable enterprises in Italy, segmented by annual fee income / turnover band, 2011 and 2015 (table) 15
Gross written premiums for professional indemnity insurance in Italy, segmented by professional sector, 2011 and 2015 17
Gross written premiums for professional indemnity insurance in Italy, segmented by professional sector, 2011 and 2015 (table) 18
Gross written premiums for professional indemnity insurance in Italy, segmented by annual fee income / turnover band, 2011 and 2015 19
Gross written premiums for professional indemnity insurance in Italy, segmented by annual fee income / turnover band, 2011 and 2015 (table) 19
Gross written premiums for professional indemnity insurance in Italy segmented between domestic and non-domestic underwriters, 2015 22
Gross written premiums for professional indemnity insurance in Italy segmented between new business and renewals, 2015 23
Gross written premiums for professional indemnity insurance in Italy segmented between primary and excess layer business, 2015 24
Estimated market shares of underwriters of professional indemnity insurance in Italy, 2015 27
Estimated market shares of underwriters of professional indemnity insurance in Italy, 2015 Percentage of brokers surveyed making regular use of particular underwriters for professional indemnity insurance in Italy, 2015 28
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Italy: provision rate and operating models, 2015 29
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Italy: broker share of partnerships, 2015 30
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Italy: underwriter share of partnerships, 2015 31
Gross written premiums for professional indemnity insurance in Italy, segmented by professional sector, 2019 (forecast) 33
Gross written premiums for professional indemnity insurance in Italy, segmented by professional sector, 2019 (forecast) (table) 34
Gross written premiums for professional indemnity insurance in Italy, segmented by annual fee income / turnover band, 2019 (forecast) 35
Gross written premiums for professional indemnity insurance in Italy, segmented by annual fee income / turnover band, 2019 (forecast) (table) 35

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