UK Professional Indemnity Insurance Market Update 2019
Summary Professional indemnity insurers are taking steps to address unsustainable levels of unprofitability caused by years of fierce competition and underpricing.In this saturated market, growth will continue to be largely driven by underlying economic performance and premium rate rises, which are anticipated to continue in 2020.
Price rises and changing insurer appetites are leading to increased switching among SMEs at renewal, as well as shifts in the competitive landscape.
This report 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, regulation, and future opportunities, including our proprietary GWP forecasts.
It provides a thorough analysis of the distribution dynamics in the SME segment, leveraging findings from our 2019 UK SME Insurance Survey.
Scope - The UK professional indemnity insurance market was worth £1.97bn in 2019, marking growth of 14.4%.
- We anticipate higher rates of growth to continue in 2020, although premium rate rises will be tempered by uncertain economic performance.
- There has been little growth in the penetration of professional indemnity insurance among SMEs. We estimate that 46-55% of SMEs have PII - a figure that has remained broadly the same over the last two years.
- SME switching levels have increased, with 13.5% of medium-sized companies changing provider in 2019.
Reasons to buy - Understand the size of the market and the factors underlying its growth.
- 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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