Professional Indemnity Insurance in Spain

  • ID: 2125628
  • Report
  • Region: Spain
  • 35 Pages
  • Finaccord
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Professional Indemnity Insurance in Spain is a report about the Spanish 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 Spain 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 Spain 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 Spain, 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 Spain set up between professional / trade associations with a nationwide remit and brokers or underwriters of this type of cover (based on a survey of 115 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 updates analysis of this complex sector in Europe...

... 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

Professional enterprises in the architecture and engineering sector are most numerous

Five out of 12 professional sectors saw a decline in enterprise numbers between 2009 and 2013

Market size

One professional sector accounts for almost one third of the total market...

... with the market value having fallen at a compound annual rate of 1.5% in recent years

Professional indemnity policies in Spain usually provide for relatively low insured sums

The downturn in the construction sector has damaged the professional indemnity market for architects

A high proportion of medical liability risks are covered through policies bought by regional governments

Lawyers typically obtain basic professional indemnity cover through their regional 'colegios'

As a percentage of total general liability insurance, professional indemnity cover has increased

Affinity schemes

Most affinity partnerships involve a single external underwriter, usually intermediated by a broker

As broker, Adartia holds the most nationwide deals for professional indemnity insurance schemes...

... with the remaining initiatives spread thinly among a variety of generalist and specialist intermediaries

MAPFRE claims the highest number of national affinity programs for professional indemnity cover...

... with five other underwriters also involved in two or more schemes operating on a nationwide basis

Many insurance schemes are organised through regional or local professional bodies

Other key insurance providers and distribution channels

Several other brokers and underwriters also possess visible expertise in professional indemnity cover

Direct sales, including online sales, are becoming more important for certain professions

Market forecast

Between 2013 and 2017, the market value is forecast to increase in all professional sectors other than one

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Number of insurable enterprises and value of professional indemnity insurance in Spain, 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 Spain, segmented by professional sector, 2013

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

Number of insurable enterprises in Spain, segmented by professional sector, 2009 and 2013 (data)

Approximate gross written premiums for professional indemnity insurance in Spain, segmented by professional sector, 2009 and 2013

Approximate gross written premiums for professional indemnity insurance in Spain, 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 Spain, 2009 and 2013

Affinity schemes for professional indemnity insurance in Spain: provision rate and operating models, 2013

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

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

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

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