accountancy and finance;
D&B (design and build);
financial and insurance intermediation;
IT and business consulting;
media and marketing;
medicine and dentistry;
other professional sectors.
In particular, the report quantifies the number, growth in number and segmentation of insurable enterprises in Germany from 2011 to 2015 plus the value, growth and segmentation of the market for professional indemnity insurance over the same time frame and with a forecast to 2019. These segmentations are provided not only for each of the 13 aforementioned professional categories but also by annual fee income or turnover band in order to show the potential and actual market value in Germany attributable to the largest and smallest professional enterprises.
In addition, three further segmentations of the market value in 2015 are also given: between business dealt with by domestic underwriters and that placed with non-domestic underwriters; between new business and renewals; and between primary layer and excess layer business.
Moreover, on the basis of a survey of leading brokers of professional indemnity cover in Germany, the report identifies the underwriters of this type of insurance that are used most frequently and provides estimates for the market shares by premium income of leading underwriters in 2015 for all forms of professional indemnity cover combined expressed as a percentage range (e.g. 5.0% to 7.5%).
Finally, the study identifies affinity schemes for professional indemnity insurance in Germany up between professional / trade associations with a nationwide remit and brokers or underwriters of this type of cover (based on a survey of close to 200 such associations), highlights other distribution channels used to sell this form of insurance (e.g. brokers, direct sales, online aggregators, other affinity partners) and discusses key issues associated with the market.
What is this report about?
Finaccord’s study breaks down individual country markets into 12 professional categories
This series of reports brings this complex sector up to date...
... with affinity schemes researched in detail through the associated PartnerBASE dataset
Professional indemnity insurance
PartnerBASE and market data annexe
2.0 MARKET ANALYSIS
Number of insurable enterprises
The number of enterprises eligible for professional indemnity insurance now exceeds 1.1 million...
...with the highest growth occurring in the IT and business consulting segment
Insurance is compulsory for several professions and strictly enforced for lawyers and tax advisors
The total market value increased at a compound annual rate of 3.9% between 2009 and 2013
About two in three claims made in the category of medicine and dentistry are against hospitals
Zurich’s exit from the market in 2012 has contributed to a hike in premiums for hospital liability cover
The segment of architecture and engineering has experienced consolidation in the recent past…
…with VHV able to enhance its position as market leader
Many lawyers have used favourable pricing conditions to increase their insured sums
The introduction of limited liability partnerships could affect the market for professional indemnity cover
There is still some legal uncertainty regarding the scope of liability for IT professionals
Intermediaries of investment products need to take out professional indemnity insurance
Self-employed midwives have experienced a sharp rise in premiums
Since 2009, professional indemnity cover has risen as a proportion of the total general liability market
A half of nationally active professional bodies have set up a scheme for professional indemnity insurance
UNITA stands out in terms of its outright number of partnerships with professional bodies...
... with Funk Gruppe also a strong competitor among brokers...
... and with Ecclesia prominent among professional associations related to healthcare and medicine
In terms of its number of national scheme relationships, HDI is the leading underwriter...
... followed by AXA and ERGO
Allianz is a major competitor but possesses relatively few partnerships with professional bodies
Affinity programs organised at a regional or local level are significant in several sectors
Other key insurance providers and distribution channels
Aside from affinity schemes, several other brokers and underwriters are prominent in the market...
... and some banks distribute professional indemnity policies through their usual bancassurance partners
The market for professional indemnity insurance will carry on rising up to 2017...
... with the most rapid growth likely to occur in the IT and business consulting sector
LIST OF GRAPHICS / TABLES
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY
Number of insurable enterprises and value of professional indemnity insurance in Germany, segmented by professional sector, 2013
Professional associations contacted by Finaccord, segmented by professional category and membership type
2.0 MARKET ANALYSIS
Number of insurable enterprises in Germany, segmented by professional sector 2013
Compound annual growth or decline in number of insurable enterprises in Germany, segmented by professional sector, 2009-2013
Number of insurable enterprises in Germany, segmented by professional sector, 2009-2013 (data)
Gross written premiums for professional indemnity insurance in Germany segmented by professional sector, 2009 and 2013
Gross written premiums for professional indemnity insurance in Germany segmented by professional sector, 2009 and 2013 (data)
Approximate gross written premiums for total general liability insurance and gross written premiums for professional indemnity insurance as a percentage of these in Germany, 2009 and 2013
Affinity schemes for professional indemnity insurance in Germany: provision rates and operating models, 2013
Affinity schemes for professional indemnity insurance in Germany: broker share of partnerships, 2013
Affinity schemes for professional indemnity insurance in Germany: underwriter share of partnerships, 2013
Forecast for gross written premiums for professional indemnity insurance in Germany segmented by professional sector, 2013 and 2017
Forecast for gross written premiums for professional indemnity insurance in Germany, segmented by professional sector, 2013 and 2017 (data)