United Kingdom Professional Indemnity Market Review 2017 Featuring AIG, Zurich, Travelers, QBE, AmTrust, AXA & Lloyd’s – ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)-- The "UK Professional Indemnity Market Review 2017" report has been added to ResearchAndMarkets.com's offering.

The UK professional indemnity market is estimated to have been worth 1.64bn in 2017.

The report "UK Professional Indemnity Market Review 2017", provides an in-depth analysis of the UK professional indemnity insurance market. It looks at market size as well as changes in premiums, claims, distribution, regulations, and future opportunities. It provides a thorough overview of the market along with a GWP forecast for the coming years.

Soft market conditions that have characterized the UK professional indemnity insurance (PII) market in recent years may finally be easing to a stop. The winds of change are starting to blow, with premium rate rises and a reduction in capacity widely anticipated in 2018.

As rates begin to rise, insurers need a clear rating strategy and differentiated propositions in order to avoid losing share in target markets. Close relationships with and understanding of end customers and brokers will be key. Cyber risks cover a broad umbrella of perils, with some elements of overlap with PII. The challenge for insurers and brokers is to develop a clear product and sales strategy that promotes and clarifies the complementary nature of both of these types of cover.

Insurers and brokers alike need to build sleek and convenient online propositions to accommodate the demands of the modern SME, and in particular to capture growth in the sole trader, micro, and miscellaneous professional indemnity sectors. For the latter in particular, digital forms a core element of their own businesses, and the insurance industry needs to meet their expectations.

Key findings include in this report:

• The UK PII market is estimated to have been worth 1.64bn in 2017, marking growth of only 0.5% due to continued soft rates and the general economic slowdown. Higher rates of growth are anticipated to 2021, although premium rate rises will be tempered by uncertain economic performance.
• Traditional PII is mature and saturated. In addition, the number of businesses in traditional professions declined or stagnated in the year to 2017, falling significantly below overall private sector growth.
• Much of the growth in underlying demand for PII is occurring among non-traditional professions, in particular among SMEs. Our 2017 UK SME Insurance Survey estimates that 55-60% of SMEs have PII - a figure that is slowly rising.
• Hiscox and AXA are the largest UK PII SME insurers.

Scope

• Much of the growth in underlying demand is occurring among non-traditional professions, and in particular among SMEs.
• Hiscox and AXA are the largest UK PII SME insurers.

Key Topics Covered:

1. Executive Summary

2. Market Context

3. Professional Indemnity Insurance And SMES

4. Competition

5. Appendix

Companies Mentioned

• AIG
• Zurich
• Travelers
• QBE
• AmTrust
• AXA
• Lloyd's

For more information about this report visit https://www.researchandmarkets.com/research/gnlbc4/united_kingdom?w=4

View source version on businesswire.com: http://www.businesswire.com/news/home/20180117005638/en/

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Source: Research and Markets