Professional Indemnity and D&O Insurance in the UK-Key Trends and Opportunities to 2020

Professional Indemnity and D&O Insurance in the UK-Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Professional Indemnity and D&O Insurance in the UK-Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into UK professional indemnity and D&O insurance, including:

The UK's professional indemnity and D&O insurance business growth prospects by segment and category

A comprehensive overview of the growth drivers

The detailed competitive landscape of the UK professional indemnity and D&O insurance market

The various distribution channels in the UK professional indemnity and D&O insurance market

Details of regulatory policy applicable to the UK professional indemnity and D&O insurance market

Summary

Timetric's 'Professional Indemnity and D&O Insurance in the UK-Key Trends and Opportunities to 2020' report provides detailed analysis of the market trends, drivers and challenges in the UK professional indemnity and D&O insurance business.

It provides key performance indicators such as written premium, penetration, density and claims during the review period (2011-2015).

The report also analyzes distribution channels operating in the market, gives a comprehensive overview of market drivers, and provides detailed information on the competitive landscape.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the professional indemnity and D&O insurance business in the UK:

It provides historical values for the UK's professional indemnity and D&O insurance for the report's 2011-2015 (review period).

It offers a detailed analysis of the key segments in the UK's professional indemnity and D&O insurance business, with market forecasts to 2020.

It covers parameters, including written premium, claims, penetration and density.

It analyzes the various distribution channels in the UK's professional indemnity and D&O insurance business.

It profiles the top insurance companies in UK professional indemnity and D&O insurance, and outlines the key regulations affecting them.

Reasons To Buy

Make strategic business decisions using in-depth historic data and forecast trends related to the UK professional indemnity and D&O insurance business.

Gain an understanding of UK professional indemnity insurance business.

Learn about the performance of market drivers, distribution channels and market dynamics.

Explore key competitors in the category, and their performances.

Understand the demand-side dynamics, key market trends and growth opportunities in the UK professional indemnity and D&O insurance business.

Assess the competitive dynamics of the UK professional indemnity and D&O insurance business.

Gain insights into key regulations governing the UK professional indemnity and D&O insurance business.

Key Highlights

The professional indemnity insurance gross written premium grew at a review-period CAGR of 4.5%.

A large number of compulsory classes of professional indemnity insurance offer insurers a potential growth market, and are expected to drive growth over the forecast period.

The UK professional indemnity insurance category is consolidated, with the five leading insurers accounting for 54.4% of the gross written premium in 2015.

The increase in the number of registered companies offers a large potential client base.

Uncertainty surrounding Brexit will encourage professionals to take out indemnity insurance against legal and business risk arising during the transition process.



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1 Executive Summary

2 Introduction

2.1 What is this Report About?

2.2 Definitions

2.3 Methodology

3 Market Analysis

3.1 Market Size

3.1.1 Penetration and density

3.2 Market Drivers

3.2.1 Large number of compulsory insurance classes

3.2.2 Growth in number of registered companies, particularly service provider companies

3.2.3 Increasing number of individual service professionals

3.2.4 Increase in the number of higher/additional taxpayers

3.2.5 Uncertainty related to Brexit is encouraging professionals to take out indemnity cover

3.3 Market Outlook

4 Competitive Landscape

4.1 Market Participants

4.2 Market Shares and Performance at a Company Level

4.3 Professional Indemnity Insurance-SWOT Analysis

4.4 Investment Returns

5 News and Deals

5.1 AIG introduces indemnity policy to cover Brexit risks

5.2 Tokio Marine HCC commences its operations in Manchester

5.3 Hiscox introduces new e-trading solution for commercial brokers

5.4 Axa allies with Mapledown on Construction Professional Indemnity Risks

5.5 PI Protect Launches Insurance Products for Workplace Environments

5.6 Allianz Launches E-Traded Professional Indemnity Product

6 Regulation and Compliance

6.1 Regulatory Framework

6.2 Recent Regulatory Changes

6.2.1 Referendum to leave the EU

6.2.2 The Insurance Act 2015

6.2.3 Enterprise Act 2016

6.2.4 The Consumer Rights Act 2015

6.2.5 Implementation of Solvency II regime

6.2.6 Changes to the insurance distribution regulations-Insurance Distribution Directive

6.2.7 Consumer Insurance (Disclosure and Representations) Act

6.2.8 Consumer Insurance (Disclosure and Representations) Act

6.2.9 Health Care and Associated Professions (Indemnity Arrangements) Order 2013

6.2.10 The Legal Aid, Sentencing and Punishment of Offenders Act (LASPO)

6.2.11 The Ministry of Justice (MoJ) online portal extension

7 Economic Backdrop

7.1 Real GDP growth

7.2 Demographics

7.3 Labor Market and Professional Indemnity Spending Power

7.4 Lending to Business

7.5 Inflation and Interest Rates

8 Company Profiles

8.1 AIG Europe Ltd-Company Overview

8.1.1 AIG Europe Ltd-key facts

8.1.2 AIG Europe Ltd-main products

8.1.3 AIG Europe Ltd-main competitors

8.1.4 AIG Europe Ltd-key employees

8.2 Hiscox Ltd-Company Overview

8.2.1 Hiscox Ltd-key facts

8.2.2 Hiscox Ltd-main products

8.2.3 Hiscox Ltd-main competitors

8.2.4 Hiscox Ltd-key employees

8.3 QBE Insurance (Europe) Ltd-Company Overview

8.3.1 QBE Insurance (Europe) Ltd-key facts

8.3.2 QBE Insurance (Europe) Ltd-main products

8.3.3 QBE Insurance (Europe) Ltd-main competitors

8.3.4 QBE Insurance (Europe) Ltd-key employees

8.4 Royal & Sun Alliance Insurance Plc-Company Overview

8.4.1 Royal & Sun Alliance Insurance Plc-key facts

8.4.2 Royal & Sun Alliance Insurance Plc-main products

8.4.3 Royal & Sun Alliance Insurance Plc-main competitors

8.4.4 Royal & Sun Alliance Insurance Plc-key employees

8.5 HCC International Insurance Company Plc-Company Overview

8.5.1 HCC International Insurance Company Plc-key facts

8.5.2 HCC International Insurance Company Plc-main products

8.5.3 HCC International Insurance Company Plc-main competitors

8.5.4 HCC International Insurance Company Plc-key employees

8.6 CNA Insurance Company Ltd-Company Overview

8.6.1 CNA Insurance Company Ltd-key facts

8.6.2 CNA Insurance Company Ltd-main products

8.6.3 CNA Insurance Company Ltd-main competitors

8.6.4 CNA Insurance Company Ltd-key employees

8.7 Zurich Insurance Plc-Company Overview

8.7.1 Zurich Insurance Plc-key facts

8.7.2 Zurich Insurance Plc-main products

8.7.3 Zurich Insurance Plc-main competitors

8.7.4 Zurich Insurance Plc-key employees

8.8 Travelers Insurance Company Ltd-Company Overview

8.8.1 Travelers Insurance Company Ltd-key facts

8.8.2 Travelers Insurance Company Ltd-main products

8.8.3 Travelers Insurance Company Ltd-main competitors

8.8.4 Travelers Insurance Company Ltd-key employees

8.9 Markel International-Company Overview

8.9.1 Markel International Limited-key facts

8.9.2 Markel International Limited-main products

8.9.3 Markel International Limited-main competitors

8.9.4 Markel International Limited-key employees

8.1 XL Insurance Company SE-Company Overview

8.10.1 XL Insurance Company SE-key facts

8.10.2 XL Insurance Company SE-main products

8.10.3 XL Insurance Company SE-main competitors

8.10.4 XL Insurance Company SE-key employees

9 Statistics

9.1 Review Period 2011-2015

9.2 Forecast Period 2016-2020

10 Appendix

10.1 Methodology

10.2 Contact Timetric

10.3 About Timetric

10.4 Timetric's Services

10.5 Disclaimer

Figure 1: The UK-Professional Indemnity Insurance-Gross Written Premium, 2011-2015

Figure 2: The UK-Commercial Liability Insurance Premiums and PI Share, 2010-2015

Figure 3: The UK-Professional Indemnity Insurance-Penetration and Density, 201-2015s

Figure 4: The UK-Incorporated Companies on Register, FY2010-2015

Figure 5: The UK-Incorporated Companies on Register, by Region, FY2010-2015

Figure 6: The UK-Incorporated Companies on Register, by Type, FY2010-2015

Figure 7: The UK-Number of Registered Professionals, 2008-2015

Figure 8: The UK-Number of Taxpayers, by Tax Rate, FY2010-2017

Figure 9: The UK-Maximum Rate Taxpayers, by Region, FY2010-2016

Figure 10: The UK-Business Confidence Monitor, 2009-2016

Figure 11: The UK-Professional Indemnity-Gross Written Premium Forecast, 2016-2020

Figure 12: The UK-High Court Claims for Professional Negligence, 2008-2013

Figure 13: The UK-Market Shares (Gross Written Premium) of the 10 Largest PI Insurers, 2015

Figure 14: The UK-Market Shares in Prof. Indemnity Insurance by Company Size, 2012-2014

Figure 15: The UK-Prof. Indemnity Premium to Non-Life Premium, Top Companies 2010-2014

Figure 16: The UK-Insurance Regulatory Framework

Figure 17: The UK-Real GDP Growth, 2009-2018

Figure 18: The UK-Demographics, 2000-2020

Figure 19: The UK-Labor Market, 2003-2015

Figure 20: The UK-Average Weekly Earnings, 2006-2015

Figure 21: The UK-Financial Institutions' Net Lending, 2011-2015

Figure 22: The UK-Percentage of Total Number of Companies, by Type, 2011-2015

Figure 23: The UK-Consumer Price Index Headline, 2004-2014

Figure 24: The UK-Bank of England Interest Rate, 2003-2014

Table 1: Turkish Construction Output by Project Type (TRY Million), 2011-2015

Table 2: Turkish Construction Output by Project Type (TRY Million), 2015-2020

Table 3: Turkish Construction Output by Cost Type (TRY Million), 2011-2015

Table 4: Turkish Construction Output by Cost Type (TRY Million), 2015-2020

Table 5: Turkish Construction Output by Activity (TRY Million), 2011-2015

Table 6: Turkish Construction Output by Activity Type (TRY Million), 2015-2020

Table 7: Turkish Construction Value Add by Project Type (TRY Million), 2011-2015

Table 8: Turkish Construction Value Add by Project Type (TRY Million), 2015-2020

Table 9: Turkish Commercial Construction Output by Project Type (TRY Million), 2011-2015

Table 10: Turkish Commercial Construction Output by Project Type (TRY Million), 2015-2020

Table 11: Turkish Commercial Construction Output by Cost Type (TRY Million), 2011-2015

Table 12: Turkish Commercial Construction Output by Cost Type (TRY Million), 2015-2020

Table 13: Turkish Commercial Construction Output by Activity (TRY Million), 2011-2015

Table 14: Turkish Commercial Construction Output by Activity Type (TRY Million), 2015-2020

Table 15: Turkish Commercial Construction Value Add by Project Type (TRY Million), 2011-2015

Table 16: Turkish Commercial Construction Value Add by Project Type (TRY Million), 2015-2020

Table 17: Turkish Industrial Construction Output by Project Type (TRY Million), 2011-2015

Table 18: Turkish Industrial Construction Output by Project Type (TRY Million), 2015-2020

Table 19: Turkish Industrial Construction Output by Cost Type (TRY Million), 2011-2015

Table 20: Turkish Industrial Construction Output by Cost Type (TRY Million), 2015-2020

Table 21: Turkish Industrial Construction Output by Activity (TRY Million), 2011-2015

Table 22: Turkish Industrial Construction Output by Activity Type (TRY Million), 2015-2020

Table 23: Turkish Industrial Construction Value Add by Project Type (TRY Million), 2011-2015

Table 24: Turkish Industrial Construction Value Add by Project Type (TRY Million), 2015-2020

Table 25: Turkish Infrastructure Construction Output by Project Type (TRY Million), 2011-2015

Table 26: Turkish Infrastructure Construction Output by Project Type (TRY Million), 2015-2020

Table 27: Turkish Infrastructure Construction Output by Cost Type (TRY Million), 2011-2015

Table 28: Turkish Infrastructure Construction Output by Cost Type (TRY Million), 2015-2020

Table 29: Turkish Infrastructure Construction Output by Activity (TRY Million), 2011-2015

Table 30: Turkish Infrastructure Construction Output by Activity Type (TRY Million), 2015-2020

Table 31: Turkish Infrastructure Construction Value Add by Project Type (TRY Million), 2011-2015

Table 32: Turkish Infrastructure Construction Value Add by Project Type (TRY Million), 2015-2020

Table 33: Turkish Energy and utilities Construction Output by Project Type (TRY Million), 2011-2015

Table 34: Turkish Energy and utilities Construction Output by Project Type (TRY Million), 2015-2020

Table 35: Turkish Energy and utilities Construction Output by Cost Type (TRY Million), 2011-2015

Table 36: Turkish Energy and utilities Construction Output by Cost Type (TRY Million), 2015-2020

Table 37: Turkish Energy and utilities Construction Output by Activity (TRY Million), 2011-2015

Table 38: Turkish Energy and utilities Construction Output by Activity Type (TRY Million), 2015-2020

Table 39: Turkish Energy and utilities Construction Value Add by Project Type (TRY Million), 2011-2015

Table 40: Turkish Energy and utilities Construction Value Add by Project Type (TRY Million), 2015-2020

Table 41: Turkish Institutional Construction Output by Project Type (TRY Million), 2011-2015

Table 42: Turkish Institutional Construction Output by Project Type (TRY Million), 2015-2020

Table 43: Turkish Institutional Construction Output by Cost Type (TRY Million), 2011-2015

Table 44: Turkish Institutional Construction Output by Cost Type (TRY Million), 2015-2020

Table 45: Turkish Institutional Construction Output by Activity (TRY Million), 2011-2015

Table 46: Turkish Institutional Construction Output by Activity Type (TRY Million), 2015-2020

Table 47: Turkish Institutional Construction Value Add by Project Type (TRY Million), 2011-2015

Table 48: Turkish Institutional Construction Value Add by Project Type (TRY Million), 2015-2020

Table 49: Turkish Residential Construction Output by Project Type (TRY Million), 2011-2015

Table 50: Turkish Residential Construction Output by Project Type (TRY Million), 2015-2020

Table 51: Turkish Residential Construction Output by Cost Type (TRY Million), 2011-2015

Table 52: Turkish Residential Construction Output by Cost Type (TRY Million), 2015-2020

Table 53: Turkish Residential Construction Output by Activity (TRY Million), 2011-2015

Table 54: Turkish Residential Construction Output by Activity Type (TRY Million), 2015-2020

Table 55: Turkish Residential Construction Value Add by Project Type (TRY Million), 2011-2015

Table 56: Turkish Residential Construction Value Add by Project Type (TRY Million), 2015-2020

Table 57: ENKA Insaat ve Sanayi AS, Key Facts

Table 58: ENKA Insaat ve Sanayi AS, Main Products and Services

Table 59: ENKA Insaat ve Sanayi AS, History

Table 60: ENKA Insaat ve Sanayi AS, Key Employees

Table 61: GAMA Holding AS, Key Facts

Table 62: GAMA Holding AS, Main Services

Table 63: GAMA Holding AS, History

Table 64: GAMA Holding AS, Key Employees

Table 65: Tekfen Holding Co., Inc., Key Facts

Table 66: Tekfen Holding Co., Inc., Main Products and Services

Table 67: Tekfen Holding Co., Inc., History

Table 68: Tekfen Holding Co., Inc., Key Employees

Table 69: Kolin Insaat Turizm Sanayi ve Ticaret AS, Key Facts

Table 70: Kolin Insaat Turizm Sanayi ve Ticaret AS, Main Services

Table 71: Kolin Insaat Turizm Sanayi ve Ticaret AS, History

Table 72: Kolin Insaat Turizm Sanayi ve Ticaret AS, Key Employees

Table 73: Yapi Merkezi Holding Inc., Key Facts

Table 74: Yapi Merkezi Holding Inc., Main Products and Services

Table 75: Yapi Merkezi Holding Inc., History

Table 76: Yapi Merkezi Holding Inc., Key Employees

Table 77: Timetric Construction Market Definitions

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