Professional Indemnity Insurance in Italy

  • ID: 2125619
  • Report
  • Region: Italy
  • 35 Pages
  • Finaccord
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Professional Indemnity Insurance in Italy is a report about the Italian 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 Italy 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 Italy 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 Italy, 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 Italy up between professional / trade associations with a nationwide remit and brokers or underwriters of this type of cover (based on a survey of 105 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

Architects and engineers add up to the most numerous professional category in Italy

Enterprises in two professional segments declined in number between 2009 and 2013

Market size

New legislation has made professional indemnity cover compulsory for several categories…

…with the category of architecture and engineering likely to be most affected

Driven by high loss ratios, the medical profession continues to experience spiralling premiums

The nature of Italy's judicial system presents an obstacle to professional indemnity litigation

Professional indemnity insurance is a fast-growing segment within the market for general liability cover

Affinity schemes

Affinity schemes by professional associations exist at both national and local levels

About a half of professional bodies offer a nationwide scheme for professional indemnity cover

AEC Master Broker has struck partnerships with a significant number of associations at the national level

Marsh and Aon are also prominent in the market for affinity schemes for professional indemnity cover...

... although several brokers are limited to just one program each

Underwriters at Lloyd's of London are used as insurers by several professional associations

Assicuratrice Milanese is involved in at least six affinity schemes at the national level

Other significant affinity program underwriters include AIG, Allianz, HDI and Unipol

DUAL Italia is an important underwriter of schemes for architects run at a regional or local level...

Other key insurance providers and distribution channels

A number of other underwriters are also active in the Italian market

Inarcassa constitutes an important distribution channel in the architecture and engineering sector...

... having established a new partnership with Willis in 2012

Market forecast

The highest compound annual growth rate is predicted for the legal services category

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Number of insurable enterprises and value of professional indemnity insurance in Italy, 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 and segmentation of insurable enterprises in Italy, 2009-2013

Compound annual growth or decline in number of insurable enterprises in Italy, segmented by professional sector, 2009-2013

Number of insurable enterprises in Italy, segmented by professional sector, 2009-2013 (data)

Gross written premiums for professional indemnity insurance in Italy segmented by professional sector, 2009 and 2013

Gross written premiums for professional indemnity insurance in Italy 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 Italy, 2009 and 2013

Affinity schemes for professional indemnity insurance in Italy: provision rates and operating models, 2013

Affinity schemes for professional indemnity insurance in Italy: broker share of partnerships, 2013

Affinity schemes for professional indemnity insurance in Italy: underwriter share of partnerships, 2013

Forecast for gross written premiums for professional indemnity insurance in Italy segmented by professional sector, 2013 and 2017

Forecast for gross written premiums for professional indemnity insurance in Italy, segmented by professional sector, 2013 and 2017 (data)
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