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 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.
What is this report about?
Finaccord’s study breaks down individual country markets into 12 professional categories
This series of reports updates analysis of this complex sector in Europe...
... 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
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
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
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
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
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)