Brochure More information from http://www.researchandmarkets.com/reports/2520309/ UK Professional Indemnity Insurance 2012: Competitor Dynamics Description: The professional indemnity (PI) market is a segmented business based on professions. As such insurers within this space operate a segmented strategy, with each focusing on different professions based on size, profitability, and often where professionals are legally required to have PI cover in place. Features and benefits - Benchmark your position against the top PI insurers. - Identify the insurers national, super-regional and provincial brokers are placing their PI risks with. - Identify which new professions insurers are targeting. - Plan your SME strategy against the market leaders. Highlights Competition continued to grow as new entrants targeted PI segments as areas of growth. This was particularly the case in the solicitors' market, where AmTrust, Latvia-based Balva, Bermuda-based Axis, and Gibraltar-based Elite all entered the market at October renewal. 2012 saw a number of insurers boosting their presence in the SME PI market, and according to Datamonitor's SME Insurance Survey 2012 the most successful was AXA, which boosted its share by 4.6%. Direct Line for Business and Legal & General also grew their books. According to Datamonitor's Broker Survey 2012, when asked which insurer brokers place the majority of their PI risks with, Markel came out as the overall favorite. Your key questions answered - Who are the top insurers within the PI market? - Which professions have insurers targeted with new products? - Who is successfully growing their SME book? - Which insurer do brokers prefer to place their PI business with? Contents: OVERVIEW Catalyst Summary EXECUTIVE SUMMARY High levels of competition and soft rates are driving insurers to adopt a segmented strategy focused on profitability COMPETITOR DYNAMICS Introduction Few insurers grew in 2011 as GWP was sacrificed for profitability - Zurich still led the market, with AIG in second place
- HDI Haftpflicht is the second largest PI insurer No change in competitor positions in 2012 except in SME - 2012 saw no change in overall market positions - AXA challenged Hiscox as the SME insurer of choice in 2012 Markel, Hiscox, and RSA are the preferred insurers according to brokers - Markel is popular with smaller brokers The market has attracted new entrants and products - The solicitors' market attracted new qualifying insurers - Aviva launches new product with JLT - APC attracted to the mortgage and finance advisor market Insurers and brokers are targeting new professions Conclusion - The market remains highly competitive - Segmented strategies will continue - Growth will come from new professions, albeit slowly APPENDIX Definitions - Brokers - Gross premiums - Net premium - Written premiums - SME Methodology - Datamonitor's 2012 SME Insurance Survey - Datamonitor's 2012 Broker Survey Further reading Sources Ask the analyst Disclaimer TABLES Table: Top 10 PI (including D&O and E&O) insurers by GWP, 2008 11 Table: Top 10 PI (excluding D&O and E&O) insurers by GWP, 2011 Table: Top PI Insurers within SME market 2012 Table: Top insurers for PI by broker type Table: Insurer rankings for the solicitors' PI market (%), 2011 12 and 2012 13 FIGURES Figure: AXA is looking to challenge Hiscox for the top spot in SME insurance Figure: Markel is the preferred supplier of PI for brokers Ordering: Order Online - http://www.researchandmarkets.com/reports/2520309/ Order by Fax - using the form below
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