The Professional Indemnity market report [4 Year Forecast 2018-2022] focuses on Major Leading Industry Players, providing info like company profiles, product type, application and regions, production capacity, ex-factory price, gross margin, revenue, market share and speak to info. Upstream raw materials and instrumentation and downstream demand analysis is additionally administrated. The Professional Indemnity market business development trends and selling channels square measure analyzed. From a global perspective, It also represents overall Professional Indemnity industry size by analyzing qualitative insights and historical data.
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The winds of change gathered pace in 2018, with premium rate rises and significant reductions in Lloyds market capacity driving a step-change in H2. Further significant changes are anticipated in 2019 as professional indemnity insurers continue taking steps to address unsustainable levels of unprofitability.
– Over the last five years much of the growth in underlying demand has occurred among non-traditional professions and SMEs.
– Legal services are among the biggest buyers of PII, and, in comparison to other professions, only doctors and dentists have a higher number of insureds.
– The technology, management consultancy, and freelance sectors can be particularly pinpointed as driving growth in the non-traditional or miscellaneous sectors. Professions impacted by the change in data protection rules through the EUs General Data Protection Regulation (GDPR), which came into force in May 2018, have reportedly been looking more carefully at the potential benefits of PII and cyber cover.
Reasons to buy
– Develop your proposition to target growth segments
– Ensure you remain competitive as new innovations and insurance models begin to enter the market.
– Adapt your distribution strategy to ensure it is efficient and still meets customer purchasing habits.
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Table of Contents
1. EXECUTIVE SUMMARY 1
1.1. Market summary 1
1.2. Key findings 1
1.3. Critical success factors 1
2. MARKET CONTEXT 7
2.1. Introduction 7
2.2. Growth in the PII market was driven by the construction, solicitors excess layer, and IFA sectors in 2018 7
2.3. Growth in underlying demand for PII remains muted among traditional professions, with slowing growth in miscellaneous occupations 9
2.4. 2018 saw the start of a more significant withdrawal of capacity and a shift in premium rates in certain sectors 14
2.5. Profitability has reached unsustainable levels 18
2.6. Higher growth is expected in the PII market over the next couple of years 20
3. PROFESSIONAL INDEMNITY INSURANCE AND SMES 25
3.1. Introduction 25
3.2. Over a third of SMEs providing advice do not hold professional indemnity insurance 25
3.3. Brokers and organizations such as trade associations remain popular channels for purchasing PII 27
3.4. The Internet is the most favored platform for SMEs buying PII 28
3.5. Human interaction remains important for small companies 29
3.6. Over half of SMEs with PII could be described as price-sensitive 30
3.7. Cyber risks remain a key issue, with clear cross-selling opportunities among small and medium companies that offer professional advice 32
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