Professional Indemnity Market Report 2023
1. Introduction
This is our third annual survey of the UK professional indemnity market. This year we approach the PI market as a national market across the whole of the UK, recognising the established and rapidly expanding regional hubs which are now as much an integral and essential part of the PI sector as the traditional London market which they complement.
The report not only highlights the structural influence of the regional market but also reveals continued optimism around rates, availability of cover and appetite for PI business despite recessionary and economic pressures, and expectations that claims frequency and severity will increase.
- 83% expect the frequency of claims to increase by 5% or more over the next 24 months
- 95% say their organisation’s appetite for PI business will remain the same or increase over the next 12 months
- 70% say recessionary pressures and insolvencies will materially influence the PI market over the next five years
- 68% say the use of AI in delivering professional services increases the risk of practice
- 72% say ESG considerations are impacting the underwriting of PI risks to some extent
There continues to be a real appetite in the market for PI business and many market participants are aiming for significant growth in professional lines. Against the current geopolitical and economic backdrop, this appetite for growth in the sector is a really encouraging indicator that the UK market is working well, with the survey results this year showing a renewed emphasis on risk selection and regular review of policy wordings
Rob Crossingham, Partner, Clyde & Co
Click here to read the 2022 Professional Indemnity Market report.
End
London Market Professional Indemnity Report July 2022
The report reveals widespread optimism about market conditions for the coming months, tempered by wariness of macroeconomic and inflationary pressures on the horizon.
Read the 2022 reportProfessional Indemnity
Our global professional indemnity team has a long established reputation for successfully defending negligence claims against professionals and handling the most complex coverage issues. We offer specialist advice on both high volume and high value claims.
Find out more