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The following gives a snapshot of the UK professional indemnity insurance market in 2017, including information about the size of the market, product distribution, major insurance companies and examples of larger claims. The information is updated periodically.
An example of a large professional negligence claim in the UK; A negligence claim of £ 1.6 billion was filed in 2013 against a major Accountancy firm. The claim was based on the auditing of a sub-prime lender. It was settled in 2015 just before it’s high court hearing and the terms of settlement remain confidential.
Distribution is dominated by specialist insurance brokers. Over 80% of all UK professional indemnity premium is placed through insurance brokers.
Distribution of PI insurance online is the fastest growing sector of the market in terms of policy sales. Number of Google searches; 250,000 annual.
Largest professional indemnity insurer; Lloyds of London through various syndicates.
Other major insurers include;
This article is intended for information purposes only. Whilst all care has been taken to ensure the accuracy of the article it is not to be regarded as a substitute for specific advice. © 2019 Lex Insure Services Ltd – 0800 180 4203.