Around the World. indemnity insurance: a European overview. 3rd Annual Insurance Risk Management Forum. Vienna, 20 th February 2014

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1 Risks Bancassurance in underwriting professional Models indemnity insurance: a European overview Around the World 3rd Annual Insurance Risk Management Forum Vienna, 20 th February 2014 Finaccord Ltd., 2014 Web: info@finaccord.com 1

2 Agenda A European cross-country comparison of professional risks The hospital / medical sector The architecture / engineering sector The legal services sector Risks emerging in non-traditional professions Future outlook Finaccord Ltd., 2014 Web: info@finaccord.com 2

3 General characteristics of professional indemnity insurance Complex sector composed of a series of sub-markets Level of regulation is dependent on the perceived risk in each professional segment Development of the market in Europe varies significantly in line with legislation, insurance regulation and general legal culture High volatility in terms of claims and capacity in some segments Finaccord Ltd., 2014 Web: info@finaccord.com 3

4 The European market for professional indemnity insurance by international comparison Estimated market sizes in terms of GWP (2013) USD billion USA Europe Canada Australia South Af rica 0.1 Source: Finaccord reports on Professional Indemnity Insurance in Europe, Canada, Australia, South Africa, Insurance Information Institute, Finaccord estimates Finaccord Ltd., 2014 Web: info@finaccord.com 4

5 Comparing different professional segments in Europe (1) Segmentation by professional sector of the European market in terms of GWP (EUR million, 2013) Other professional sectors, Accountancy and finance, Alternative medicine, 44.6 Medicine and dentistry, 2,446.7 Marketing, Architecture and engineering, 1,366.7 Broadcasting and publishing, Estate agency and property, Financial and insurance intermediation, Legal services, IT and business consulting, Healthcarerelated services, Source: Finaccord Professional Indemnity Insurance in Europe report, 2013 Finaccord Ltd., 2014 Web: 5

6 Comparing different professional segments in Europe (2) GWP per insured enterprise in Europe EUR 2013 Accountancy and finance 1,194.9 Alternative medicine Architecture and engineering 2,313.8 Broadcasting and publishing 3,252.4 Estate agency and property Financial and insurance intermediation 1,019.6 Healthcare-related services IT and business consulting 2,369.1 Legal services 1,961.3 Marketing 2,569.5 Medicine and dentistry 4,093.6 Other professional sectors 5,546.5 Average 2,117.7 Finaccord Ltd., 2014 Web: 6

7 Comparing different professional segments in Europe (3) GWP per insurable enterprise in Europe EUR 2013 Accountancy and finance Alternative medicine Architecture and engineering 1,482.4 Broadcasting and publishing Estate agency and property Financial and insurance intermediation Healthcare-related services IT and business consulting Legal services 1,768.8 Marketing Medicine and dentistry 3,883.1 Other professional sectors Average 1,088.1 Finaccord Professional Indemnity Insurance in Europe 2013 report Finaccord Ltd., 2014 Web: 7

8 General risk trends in the medical sector Compulsory cover for professional indemnity risks is nearly universal for private medical practices in Europe nowadays Arrangements for hospitals vary as cover may be provided by public sector entities in some countries Three professional sub-segments have been hit by escalating claims in most countries in recent years: gynaecologists, obstetricians and plastic surgeons Medium risks are often represented by anaesthetists, most surgeons, ophthalmologists and orthopaedists Lower risks are usually found among general practitioners and dentists Finaccord Ltd., 2014 Web: 8

9 Country-specific risk trends in the medical sector (Italy) Italy has faced the strongest escalation in claims in Europe in recent decades For all years between 1994 and 2011, the overall claims ratio for professional indemnity insurance in the medical sector amounted to 175% (ANIA) 57% of all premiums in 2011 were attributable to hospitals (ANIA) Slight negligence is often sufficient to establish the liability of medical staff Plans for a public fund for those professionals unable to find insurance have yet to be implemented Finaccord Ltd., 2014 Web: info@finaccord.com 9

10 Country-specific risk trends in the medical sector (Germany) German hospitals have seen significant increases in claims since the 1990s Hospitals account for about 66% of all claims made in Germany (GDV) About 25% of claims are made by statutory health insurers Several insurers have left the market due to high claims ratios Exit of Zurich in 2012 led to a crisis of insurability for some hospitals, and sharp increases in premiums Finaccord Ltd., 2014 Web: info@finaccord.com 10

11 General risk trends regarding architects / engineers Compulsory cover for professional indemnity risks in most countries although this is not always strictly enforced Great divergence in legislation and legal interpretation of liability risks related to the construction sector in Europe Cyclical factors in the construction sector can lead to high volatility in underwriting capacity, premium rates and claims ratios Engineers outside the construction sector are generally considered lowor medium-risk Professionals in the areas of landscape architecture, urban planning and interior design are generally considered low-risk Finaccord Ltd., 2014 Web: info@finaccord.com 11

12 Country-specific risk trends regarding architects / engineers (UK) Market has been affected by volatility in the UK real estate sector Premium rates fell for architects and engineers involved in construction projects after 2009 Surveyors involved in valuation work have seen sharp increases in claims and premiums after 2009 Surveyors not exposed to valuation work are low-risk and have benefited from very competitive premium rates in recent years Finaccord Ltd., 2014 Web: info@finaccord.com 12

13 Country-specific risk trends regarding architects / engineers (Germany) In Germany, liability is based on the occurrence of a professional error rather than claims-made principle Dramatic increases in claims in the 1990s and early years of this century The German market has seen the withdrawal of several important insurers In recent years, there have been small increases in claims linked to professionals linked to the construction sector Premiums for practitioners with good claims records have remained stable Finaccord Ltd., 2014 Web: info@finaccord.com 13

14 General risk trends regarding the legal services sector Compulsory cover for professional indemnity risks is nearly universal for legal professionals in Europe nowadays Legal practitioners involved in commercial disputes, mergers and acquisitions, and insolvency procedures tend to have the highest claims In several countries, cover for lower-risk professionals can be obtained through collective contracts organised by national or regional professional bodies In most countries, premium rates have been declining in recent years although clients often use this as an opportunity to increase insured sums Finaccord Ltd., 2014 Web:

15 Country-specific risk trends regarding the legal services sector (UK) The UK market for insuring professional indemnity risks of the legal services sector is far greater than any other in Europe Claims and premiums for solicitors have been very volatile in recent years The exit of insurers has caused severe problems for smaller solicitor firms Insurers have tended to view large solicitor firms as lower risk Barristers are considered as relatively low risk and all take out compulsory primary cover through a mutual insurer Finaccord Ltd., 2014 Web: info@finaccord.com 15

16 Country-specific risk trends regarding the legal services sector (France) The French market for insuring professional indemnity risks in the legal sector is relatively small compared to both the UK and Germany French lawyers do not take out insurance individually but are instead automatically covered by collective policies of their local law societies Larger law firms take out additional cover Claims tend to be comparatively small in size and number Finaccord Ltd., 2014 Web:

17 Risks in non-traditional professions IT and business consulting, Marketing: growing demand for insurance, professional errors are sometimes difficult to define, insurers are keen to compete for clients in these sectors Alternative medicine: considered low-risk at the moment, relatively few claims, inexpensive policies but a very small and fragmented market Broadcasting and publishing: growing interest in the liability risks of online media such as blogs, but limited demand for insurance; new EU Data Protection Directive may affect liability risks in the longer term Finaccord Ltd., 2014 Web: info@finaccord.com 17

18 Future outlook Estimated CAGR in Europe for professional indemnity insurance across different professional segments, Accountancy and finance 1.9% Alternative medicine 4.3% Architecture and engineering 1.9% Broadcasting and publishing 0.6% Estate agency and property Financial and insurance intermediation 1.7% 1.6% Healthcare-related services 2.6% IT and business consulting 4.3% Legal services 1.8% Marketing Medicine and dentistry 3.1% 3.3% Other professional sectors 1.6% 0% 1% 2% 3% 4% 5% Source: Finaccord Professional Indemnity Insurance in Europe report, 2013 Finaccord Ltd., 2014 Web:

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