Market Research Report
UK Professional Indemnity Market Review 2017
|Published by||GlobalData||Product code||447326|
|Published||Content info||42 Pages
|UK Professional Indemnity Market Review 2017|
|Published: January 5, 2018||Content info: 42 Pages||
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 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.
Companies mentioned in this report:AIG, Zurich, Travelers, QBE, AmTrust, AXA, Lloyd's