About the report
Produced
25 July 2022
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Read time
10
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London PI market buoyant, but wary of economic headwinds
The report reveals widespread optimism about market conditions for the coming months, tempered by wariness of macroeconomic and inflationary pressures on the horizon. While 88% of respondents said they believe rates will continue to increase in the next 12 months, a significant majority (61%) said that broad economic trends would affect the volume of PI business underwritten in the London Market.
Rob Crossingham , Partner, Clyde & Co, comments:
“These findings show a great degree of optimism in the London PI market despite increasing economic headwinds. While respondents overwhelmingly believe the frequency of claims will increase over the next two years, there’s confidence that the market has sufficient capacity and is at a satisfactory level in terms of rates to weather any coming storms and remain both a competitive and respected hub for PI risks. Respondents, as well as buyers of PI coverage, will have an eye on inflation levels as we move past the most recent renewals.”
Produced
25 July 2022
Written by:
Read time
10 mins
Produced
25 July 2022
Written by:
Read time
10
About the report
The Clyde & Co Global Professional Liability team conducted an online survey of 89 targeted London market insurance practitioners during May 2022 to find out what would help the industry plan to overcome the hurdles ahead in terms of wordings, cover, regulatory intervention, and the likely impact on deals in this space. The findings were analysed in interviews with a select group of underwriters, brokers and claims professionals, as well as Clyde & Co partners, to gather their insights on developments in the PI market and to gauge their challenges and concerns.
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