In particular, the report quantifies the number, growth in number and segmentation of insurable enterprises in Australia from 2015 to 2019 plus the value, growth and segmentation of the market for professional indemnity insurance over the same time frame and with a forecast to 2023. 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 Australia attributable to the largest and smallest professional enterprises.
In addition, four further segmentations of the market value in 2019 are also given: between business dealt with by domestic underwriters and that placed with non-domestic underwriters; between new business and renewals; between primary layer and excess layer business; and between specialty and non-specialty business.
Moreover, on the basis of a survey of leading brokers of professional indemnity cover in Australia, 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 2019 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 Australia set up between professional / trade associations with a nationwide remit and brokers or underwriters of this type of cover (based on a survey of 125 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 including the increasing availability of cyber cover within professional indemnity policies.
For further information about this research, please access the table of contents and series prospectus by clicking on the corresponding links to the left-hand side of this page, or e-mail [email protected]