Professional Indemnity Insurance in Germany

  • ID: 2125613
  • Report
  • Region: Germany
  • 34 Pages
  • Finaccord
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Professional Indemnity Insurance in Germany is a report about the German market for and distribution of policies covering professional liability. For 2011, 2015 and with a forecast for 2019, the study breaks down the market for professional indemnity insurance on a standardised basis by professional group with 13 categories considered as follows:

accountancy and finance;
architecture;
D&B (design and build);
engineering;
estate agency;
financial and insurance intermediation;
healthcare-related services;
IT and business consulting;
legal services;
media and marketing;
medicine and dentistry;
surveying;
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.
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0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

Finaccord’s study breaks down individual country markets into 12 professional categories

Rationale

This series of reports brings this complex sector up to date...

... with affinity schemes researched in detail through the associated PartnerBASE dataset

Methodology

Association survey

Market data

Definitions

Professional indemnity insurance

Operating models

Other notes

PartnerBASE and market data annexe

Finaccord

2.0 MARKET ANALYSIS

Introduction

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

Market size

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

Affinity schemes

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

Market forecast

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

1.0 INTRODUCTION

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)
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