New research by market research consultancy Finaccord forecasts that the market for professional indemnity insurance across 10 European countries will be worth around €7bn come 2014.
The top 10, namely Belgium, France, Germany, Italy, Netherlands, Poland, Spain, Sweden, Switzerland and the UK, accounted for €5.81bn of gross written premiums for this form of insurance last year.
“Across the ten countries, there are over six million enterprises potentially eligible for professional indemnity insurance”, comments Alan Leach, Director at Finaccord. “For some, holding professional indemnity cover is compulsory in order to exercise their profession while for others, it is optional. However, increasing take-up rates among those for which it is often not obligatory will be one of the drivers of the market in future, notably in the IT, management and financial consulting sector, which is the largest segment with 1.45 million insurable enterprises.”
Finaccord can confirm that one of the main means by which enterprises acquire professional indemnity cover is via affinity schemes set up by professional associations. As a part of its research, the company surveyed 1,100 associations across Europe and found that 430 (39%) had established such a scheme. More details from www.finaccord.com
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