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Professional Indemnity Insurance in Poland

  • May 2016
  • -
  • Finaccord
  • -
  • 32 pages

Professional Indemnity Insurance in Poland is a report about the Polish 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 Poland 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 Poland 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 Poland, 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 Poland 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 100 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 Poland
0.0 EXECUTIVE SUMMARY . 1
1.0 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
2.0 MARKET ANALYSIS . 11
Introduction . 11
Number, growth in number and segmentation of insurable enterprises . 12
Two categories account for over 30% of insurable professional enterprises in Poland… 12
… one of which has been growing very rapidly 12
Insurable professional enterprises in Poland are heavily concentrated in the lowest turnover band . 14
Market value, growth and segmentation . 16
The market for professional indemnity insurance is small but has been expanding quite quickly . 16
Unusually, DandB (design and build) is the second-largest individual category within it . 16
Where not obligatory, take-up rates for professional indemnity cover are likely to be very low . 16
Both claims frequency and average claims size are believed to be comparatively low 17
More than a half of the total market value is due to the smallest tranche of professional enterprises… . 18
… and the vast majority of it is underwritten by insurers based in Poland itself… 20
… with just under 80% of it due to renewals (as opposed to new business) in any given year . 21
A quite significant proportion of the total market value is due to excess layer business . 22
Underwriter utilisation and market shares 22
ERGO and PZU are the underwriters of professional indemnity cover utilised most frequently by brokers 22
… with PZU also the likely market leader by value of business dealt with 23
The number of competitors underwriting professional indemnity risks in Poland is seemingly low . 24
Affinity schemes with professional and trade associations 25
Around 20% of associations have established an affinity scheme for professional indemnity cover… . 25
… with five brokers having secured at least one relationship in this field… 26
… and with nine underwriters found to have involvement in it . 27
Other distribution channels 28
Brokers 28
Brokers are an important conduit for professional indemnity insurance in Poland… . 28
Direct sales 28
… although cover can also be bought directly from underwriters (or via their tied agents) 28
Online aggregators . 29
Other affinity partners . 29
Market value forecast . 29
The market value is on track to exceed EUR 90 million (around PLN 375 million) by 2019… 29
… with premiums rising most among entities with annual fee income or turnover in the lowest band 31

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Number of insurable enterprises and value of professional indemnity insurance in Poland, segmented by professional sector, 2015 . 2
1.0 INTRODUCTION 3
Professional associations contacted by Finaccord, segmented by professional category and membership type . 5
2.0 MARKET ANALYSIS . 11
Number of insurable enterprises in Poland, segmented by professional sector, 2015 12
Compound annual growth or decline in number of insurable enterprises in Poland, segmented by professional sector, 2011 to 2015 . 13
Number of insurable enterprises in Poland, segmented by professional sector, 2011 and 2015 (table) 14
Number of insurable enterprises in Poland, segmented by annual fee income / turnover band, 2011 and 2015 15
Number of insurable enterprises in Poland, segmented by annual fee income / turnover band, 2011 and 2015 (table) . 15
Gross written premiums for professional indemnity insurance in Poland, segmented by professional sector, 2011 and 2015 . 17
Gross written premiums for professional indemnity insurance in Poland, segmented by professional sector, 2011 and 2015 (table) 18
Gross written premiums for professional indemnity insurance in Poland, segmented by annual fee income / turnover band, 2011 and 2015 19
Gross written premiums for professional indemnity insurance in Poland, segmented by annual fee income / turnover band, 2011 and 2015 (table) . 19
Gross written premiums for professional indemnity insurance in Poland segmented between domestic and non-domestic underwriters, 2015 . 20
Gross written premiums for professional indemnity insurance in Poland segmented between new business and renewals, 2015 21
Gross written premiums for professional indemnity insurance in Poland segmented between primary and excess layer business, 2015 . 22
Percentage of brokers surveyed making regular use of particular underwriters for professional indemnity insurance in Poland, 2015 . 23
Estimated market shares of underwriters of professional indemnity insurance in Poland, 2015 24
Estimated market shares of underwriters of professional indemnity insurance in Poland, 2015 (table) . 25
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Poland: provision rate and operating models, 2015 . 26
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Poland: broker share of partnerships, 2015 27
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Poland: underwriter share of partnerships, 2015 28
Gross written premiums for professional indemnity insurance in Poland, segmented by professional sector, 2019 (forecast) . 30
Gross written premiums for professional indemnity insurance in Poland, segmented by professional sector, 2019 (forecast) (table) 31
Gross written premiums for professional indemnity insurance in Poland, segmented by annual fee income / turnover band, 2019 (forecast) 32
Gross written premiums for professional indemnity insurance in Poland, segmented by annual fee income / turnover band, 2019 (forecast) (table) . 32

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