Climate change risk and liability report 2021
London professional indemnity market remains confident in the face of enduring challenges
The report reveals that confidence is high and appetite strong in the London professional indemnity (PI) market despite a trinity of challenges facing the industry. With 94% of insurers planning to write the same or more business in the next 12 months, recession, cyber threat from remote working and continued regulatory oversight are top of the list of the industry’s concerns.
Simon Konsta, Partner, Clyde & Co LLP comments:
About the report
Clyde & Co conducted an online survey of 122 targeted London market insurance professionals and buyers during May 2021. The Clyde & Co Global Professional Liability team surveyed the PI insurance community to find out what would help the industry plan to overcome the hurdles ahead in terms of wordings, cover, regulatory intervention, and the likely impact on deals in this space. A mix of insurance professionals were canvassed – spanning underwriting, broking and claims – as well as a smaller, selected group of insurance buyers for their take on developments in the PI market.