Reports have been recently published that show that throughout Europe, the professional indemnity insurance professional indemnity insurance market could potentially be worth £6.1 billion in as little as 3 years’ time. The Finaccord study showed that last year, the total of gross written business liability insurance premiums peaked at £5 billion, which, compared to the previous 5 years, increased by £0.52 billion.

In total, there were 10 countries that were examined in the industry study for professional liability insurance, some of which include the UK, France, Germany and Spain. Alan Leach, who is the director of Finaccord, has produced a statement that coincides with the release of the findings of the research. It was found that over the 10 countries involved in the study, over 6 million businesses had the possibility to be eligible for this insurance.

However, PII cover is only an option in some of the ten countries, compared to it being compulsory to all businesses in the other countries. Regardless of the amount of businesses that are obliged to have the cover, experts in the field have predicted that a leading reason for the future of the market will be an increased number of businesses getting the cover, even though it is not required in their country. According to Mr. Leach, the three sectors that are most likely to be targeted are management, IT and financial consultants, which contain a potential 1.5 million businesses.

Above 1,000 industries were surveyed by Finaccod in Europe, and it was discovered that nearly 40% of the associations had taken it upon themselves to get professional indemnity insurance schemes that will cover them. The most number of businesses to have taken up the cover were to be found in the UK with 57% of the industries having the scheme in place. Next in the table were Germany, followed by Italy with 52% and 48% respectively.

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