PUBLISHER: GlobalData | PRODUCT CODE: 1458560
PUBLISHER: GlobalData | PRODUCT CODE: 1458560
This report provides in-depth analysis of the UK professional indemnity insurance market. It looks at market size as well as changes in premiums, claims, distribution, regulation, and future opportunities, including our proprietary GWP forecasts and the impact of COVID-19. The report uses results from our annual UK SME Insurance and UK Commercial Insurance Broker Surveys, as well as additional in-depth interviews with industry leaders.
Following an intense period of market correction, growth in the UK professional indemnity insurance (PII) market stabilized to 3.1% in 2023. With improved profitability, capacity is returning to the market, both in the form of new entrants and existing insurers with renewed appetite-some of which have ambitious growth targets. Premium rates are therefore now stable or declining and market growth is forecast to be much slower to 2028. However, market conditions remain very profession-specific and are affected by the size and profile of risk. Professional indemnity underwriters also continue to traverse significant economic uncertainties and forces that could have a significant impact on the future course of the market.