Australia
Professional Indemnity Insurance Market Update

Professional Indemnity Insurance Market Insight

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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