Industry Background:
Professional indemnity insurance protects a business or organization against uncertain losses due to a data breach, breach of duty, wrong advice to clients, and poor service. It includes public liability, employer's liability, product liability insurance which can provide coverage in legal defense, compensation, runoff cover, etc. Professional indemnity insurance provides legal fees, expenses, and other costs in case of organizational mistakes.This growth is primarily driven by Increasing Number of Breach Cases in Business
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Multi-line Insurance sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Alliance Insurance (Dubai), American International Group, Inc. (United States), Axa S.A. (France), Aviva plc (United Kingdom), Berkley Corporation (Australia), Vero Insurance (Australia), Qatar Insurance Company (Qatar), Berkshire Hathaway (United States) and Hyperion Insurance Group (Howden Group) (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 29th September 2020, Howden Broking Group, an independent insurance and reinsurance broker, has reached an agreement to acquire St Giles Legal & Professional Risks. The acquisition of St Giles further cements Howden as the adviser of choice in the professional indemnity sector, taking the total number of UK law firms it represents to more than 1,000.
On 23rd October 2020, Berkshire Hathaway launches D&O and professional indemnity cover in Dubai. According to a statement from BHSI, its D&O liability insurance is a clear and simply worded policy that is built expressly for the complex and evolving risks facing directors, officers and their companies. It can also be easily customized to include features that customers want in their D&O policy for specific business needs and exposures.
Influencing Trend:
Increasing Use of Professional Indemnity Insurance in Covering Public Liability Insurance
Market Growth Drivers:
Increasing Number of Breach Cases in Business and Need for Insurance to Protect Business Against the Financial Losses
Challenges:
Stiff Competition in the Professional Indemnity Insurance Market
Restraints:
High-Cost Premium for Professional Indemnity Insurance
Opportunities:
Surging Spendings on the Professional Indemnity Insurance in Businesses and Organisation Against the Uncertain Losses
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Professional Indemnity Insurance Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Professional Indemnity Insurance Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Professional Indemnity Insurance players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Professional Indemnity Insurance Study Sheds Light on
The Professional Indemnity Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Professional Indemnity Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Professional Indemnity Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.