Australia

Professional Indemnity Insurance Market Insights – Q4 2018

Your source of professional indemnity insurance market trends and analysis for Q4 2018

 

Overview

  • The Professional Indemnity (PI) market has deteriorated significantly over the last quarter with no signs of it easing in the short term.
  • The cooling Australian property market, the commencement of the royal commission into aged care and the findings from the banking, superannuation and insurance review are all concerns for insurers.
  • Lloyd’s have commissioned a review of their worst performing classes following an underwriting loss in 2017, which includes PI.
  • The macro environment, industry specific issues and claims losses are all impacting PI market pricing, coverage and deductibles.
  • Looking ahead to 2019 – clients can expect PI rates to increase at least 5-10% and much higher for the riskier industries and insureds with claims.

Contact

Mary-Catherine Thomas
National Professional Indemnity Practice Leader
+61 2 9253 8453
mary.catherine.thomas
@aon.com

 

Related Information

Professional Indemnity Insurance for Large Size Firms

Professional Indemnity Insurance for Small business

Insurance Market Insight Overview