UK has largest market for professional indemnity insurance in Europe

The market for professional indemnity insurance across ten European countries - namely, Austria, Belgium, France, Germany, Italy, Netherlands, Poland, Spain, Switzerland and the UK will be worth around €7.5bn by 2017, according to Finaccord.

Gross written premiums for this form of insurance amounted to around €6.78bn across the ten countries in 2013, having grown from approximately €6.15bn in 2009, with the UK is estimated to have the largest market, followed by Germany and France.

"While the pricing of professional indemnity policies has been soft for several categories, including, for example, accountancy and finance and legal services in most countries, other segments have seen rapid growth in premiums" commented Bernd Bergmann, a consultant at Finaccord.

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