Australia
Professional Indemnity Insurance Market Update

Professional Indemnity Insurance Market Insight


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Your source of professional indemnity (PI) insurance market trends and analysis.

Insurers are no longer prepared to drive PI pricing down. The hardening Directors & Officers insurance market is having a two pronged impact on the PI insurance market. PI insurers are demonstrating caution and taking the opportunity to review their books alongside D&O. Also, other D&O insurers who have not traditionally written a significant amount of PI are looking to diversify into PI.

Overview

  • The first half of 2017 saw insurers start to push PI premiums where rates were deemed too low
  • No longer are existing insurers prepared to continue to drive pricing down
  • Accounts with paid claims or open notifications experienced the greatest impact
  • Insurers are reviewing accounts carefully focusing heavily on risk/contracts management, regulatory environment and oversight of regional offices
  • Growth in fees, new disciplines or acquisitions is triggering increased PI premiums
     

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