United Kingdom (UK) Professional Indemnity Insurance Market Analysis and Forecast, 2021-2025
The United Kingdom (UK) PII market size was valued at £2.9 billion in 2021 and is expected to achieve a CAGR of more than 3% during 2021-2025. After several years of significant premium rate rises in the UK PII market, increases appear to be stabilizing.
The UK professional indemnity insurance (PII) market research report provides insights on the current and forecast size and growth of the UK PII market, along with sector-specific drivers. This report also offers insight into how the pandemic has impacted claims and product uptake.
For more insights on the UK PII market forecast, download a free report sample
UK PII Market Sectors
PII market dynamics vary considerably by profession, with different forces affecting profitability and growth. The PII market can broadly be split into two sectors: traditional professions and non-traditional or miscellaneous risks. Traditional professions are often required to have PII by their professional bodies or regulators. Traditional professions account for the largest share of GWP.
The UK PII Market Analysis, by Sectors
For more sectors insights into the UK PII market, download a free report sample
The UK PII Market Segmentation by Distribution Channel
The key distribution channels in the UK PII market used by SMEs for PII are broker, PCW, bank, direct, and others. Brokers are the main channel used by SMEs to purchase PII.
The UK PII Market Analysis, by Distribution Channels
For more distribution channel insights into the UK PII market, download a free report sample
The UK PII Market - Competitive Landscape
The leading companies in the UK PII market are AXA, Aviva, Zurich, Hiscox, and Allianz. AXA is the UK PII SME market leader, with a greater share among all companies.
The UK PII Market Analysis, by Leading Companies
To know more about leading players in the UK PII market, download a free report sample
UK PII Market Overview
| Market Size (2021) | £2.9 billion |
| CAGR (2021-2025) | >3% |
| Key Sectors | Traditional Professions and Non-Traditional or Miscellaneous Risks |
| Key Distribution Channels | Broker, PCW, Bank, Direct, and Other |
| Leading Companies | AXA, Aviva, Zurich, Hiscox, and Allianz |
Key Highlights
- We estimate the UK PII market to be worth £2.9 billion in 2021, with growth driven by premium rate rises across most market sectors. While premium adjustments will continue during 2022, it is expected that by the end of the year flatter rates will return.
- PII penetration rates have fallen among micro-enterprises and those not providing professional advice, as coronavirus pressures mean SMEs are re-evaluating their insurance holdings.
- Professional indemnity insurers are already dealing with coronavirus-linked claims. While many SMEs have made a successful claim on their PII policy as a result of the COVID-19 pandemic, the figures suggest that many claims are rejected as well.
- AXA is the SME market leader, while Hiscox and Tokio Marine HCC are the most favored insurers among brokers for PII placement.
Reasons to Buy
- Understand the current and forecast size and growth of the UK PII market, along with sector-specific drivers
- Gain insight into how the pandemic has impacted claims and product uptake
- See what impact the hard market has had on SME switching and renewal behaviors
- Benefit from GlobalData’s UK SME Insurance and UK Commercial Insurance Broker Surveys, along with in-depth interviews with industry participants
- Get access to professional indemnity insurer SME market shares and understand broker preferences
- Understand PII distribution trends
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The PII market size in the UK was valued at £2.9 billion in 2021.
The PII market in the UK is expected to achieve a CAGR of more than 3% during 2021-2025.
The key sectors in the UK PII market are traditional professions and non-traditional or miscellaneous risks.
The key distribution channels in the UK PII market are broker, PCW, bank, direct, and others.
The leading companies in the UK PII market are AXA, Aviva, Zurich, Hiscox, and Allianz.
Get in touch to find out about our multi-purchase discounts
reportstore@globaldata.com
Tel +44 (0) 20 7947 2960
Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.
Still undecided about purchasing this report?
Testimonial
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.