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Professional Indemnity Insurance in Spain

  • January 2016
  • -
  • Finaccord
  • -
  • 35 pages

Professional Indemnity Insurance in Spain is a report about the Spanish 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 Spain 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 Spain 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 Spain, 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 Spain set up between professional / trade associations with a nationwide remit and brokers or underwriters of this type of cover (based on a survey of 115 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 Spain

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
Professional enterprises in the engineering sector are most numerous 12
The number of insurable enterprises in most categories has been declining 13
The vast majority of insurable enterprises have annual fee income or turnover in the lowest band 14
Market value, growth and segmentation 16
The market for professional indemnity insurance in Spain is likely to have shrunk 16
The largest segment by value of premiums is that of medicine and dentistry 16
Take-up rates vary hugely across the different professional categories 16
Most premiums are paid by businesses with annual fee income or turnover below EUR 1 million 18
Professional indemnity policies in Spain often provide for relatively low insured sums 20
A high proportion of medical liability risks are covered through policies bought by regional governments 20
or intermediated by regional ‘colegios' 20
The vast majority of business is dealt with by underwriters based in Spain itself… 21
… and is due to renewals rather than new business 22
Excess layer business makes up a significant proportion of the market total 23
Underwriter utilisation and market shares 24
Allianz, AXA and MAPFRE are the providers enjoying the highest reported utilisation among brokers… 24
… and these competitors are also ranked among the top five by market share… 25
… in a sector in which there are around 40 underwriters in total (including MGAs)… 25
… comprising both insurers covering multiple professional categories plus specialists 25
Affinity schemes with professional and trade associations 27
Most affinity partnerships involve a single external underwriter, usually intermediated by a broker 27
Adartia is the one broker with over two deals with national (as opposed to regional or local) associations 28
Eight underwriters can be identified in conjunction with two or more nationwide affinity schemes… 29
… albeit many more are organised at a regional or local level 30
Other distribution channels 31
Brokers 31
A number of brokers possess demonstrable expertise in professional indemnity cover 31
Direct sales and tied agents 31
Professional indemnity insurance is marketed directly by a number of underwriters 31
Online aggregators 31
Specialist comparison sites are yet to emerge for professional indemnity insurance in Spain 31
Other affinity partners 31
A number of Spain's largest banks are distributors of professional indemnity cover 31
Market value forecast 32
While modest, a resumption of growth is anticipated for the market value between 2015 and 2019… 32
… with this forecast to occur across all annual fee income and turnover bands 34
LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Number of insurable enterprises and value of professional indemnity insurance in Spain, segmented by professional sector, 2015 2
10 INTRODUCTION 3
Professional associations contacted by Finaccord, segmented by professional category and membership type 5
20 MARKET ANALYSIS 11
Number of insurable enterprises in Spain, segmented by professional sector, 2015 12
Compound annual growth or decline in number of insurable enterprises in Spain, segmented by professional sector, 2011-2015 13
Number of insurable enterprises in Spain, segmented by professional sector, 2011 and 2015 (table) 14
Number of insurable enterprises in Spain, segmented by annual fee income / turnover band, 2011 and 2015 15
Number of insurable enterprises in Spain, segmented by annual fee income / turnover band, 2011 and 2015 (table) 15
Gross written premiums for professional indemnity insurance in Spain, segmented by professional sector, 2011 and 2015 17
Gross written premiums for professional indemnity insurance in Spain, segmented by professional sector, 2011 and 2015 (table) 18
Gross written premiums for professional indemnity insurance in Spain, segmented by annual fee income / turnover band, 2011 and 2015 19
Gross written premiums for professional indemnity insurance in Spain, segmented by annual fee income / turnover band, 2011 and 2015 (table) 19
Gross written premiums for professional indemnity insurance in Spain segmented between domestic and non-domestic underwriters, 2015 21
Gross written premiums for professional indemnity insurance in Spain segmented between new business and renewals, 2015 22
Gross written premiums for professional indemnity insurance in Spain segmented between primary and excess layer business, 2015 23
Percentage of brokers surveyed making regular use of particular underwriters for professional indemnity insurance in Spain, 2015 24
Estimated market shares of underwriters of professional indemnity insurance in Spain, 2015 26
Estimated market shares of underwriters of professional indemnity insurance in Spain, 2015 (table) 27
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Spain: provision rate and operating models, 2015 28
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Spain: broker share of partnerships, 2015 29
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Spain: underwriter share of partnerships, 2015 30
Gross written premiums for professional indemnity insurance in Spain, segmented by professional sector, 2019 (forecast) 33
Gross written premiums for professional indemnity insurance in Spain, segmented by professional sector, 2019 (forecast) (table) 34
Gross written premiums for professional indemnity insurance in Spain, segmented by annual fee income / turnover band, 2019 (forecast) 35
Gross written premiums for professional indemnity insurance in Spain, segmented by annual fee income / turnover band, 2019 (forecast) (table) 35

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