Research and Markets, a leading source for international market data and market research, has recently released its UK Professional Indemnity Insurance 2009 report.
This report, which provides an an analysis of the professional liability insurance markets in the UK, discusses performance in regards to main professions, in addition to assessing the claims experiences and profitability of the entire market. Additionally the report also includes a close look at the competitive and distribution landscape, forecasting changes in market size for the next three years.
The scope of the report includes statistical data on the profitability, structure, and size of the business liability insurance market in the UK, offering insights in regards to the different platforms and channels used for distribution of commercial insurance products and analyzes the total market share and premiums for the biggest insurance groups in the market.
Professional indemnity insurance in the UK has been an insurance product deemed to be compulsory for many trades, and has resulted in a relatively high percentage of penetration into the UK business market. Purchases made in a compulsory manner are considered to cover both major business sectors that are well established, in addition to much newer markets such as companies handling claims management, which were not required to have such cover prior to July of 2008.
Lloyd’s group insurers have demonstrated a high degree of success in their catering to the ever growing miscellany of business sectors, which can cover such varied risks from information technology consultants to companies that specialise in claims management. A great many insurers contacted by the study reported that the UK professional indemnity insurance market was still profitable for underwriters due to the increase of policy volume.
The detailed report is available for purchase from Research and Markets via their website, which also offers over 700,000 market research reports for sale as well.