Professional Indemnity Insurance in South Africa

NEW YORK, Nov., 2012 /PRNewswire/ — Reportlinker.com announces that a new market research report is available in its catalogue:

Professional Indemnity Insurance in South Africa

http://www.reportlinker.com/p01028856/Professional-Indemnity-Insurance-in-South-Africa.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Insurance

Professional Indemnity Insurance in South Africa is a report about the South African market for and distribution of policies covering professional liability. For 2007, 2011 and with a forecast for 2015, the study breaks down the market for professional indemnity insurance on a standardised basis by professional group with 12 categories considered as follows:

accountancy and finance

alternative medicine

architecture and engineering

broadcasting and publishing

estate agency and property

financial and insurance intermediation

healthcare-related services

IT and business consulting

legal services

marketing

medicine and dentistry

other professional sectors

Furthermore, on the basis of a survey of 110 professional associations, it identifies affinity schemes for professional indemnity insurance in South Africa set up between professional bodies and brokers or underwriters of this type of cover, highlights other key underwriters and brokers of professional indemnity insurance and other distribution channels used to sell this form of insurance, and discusses key issues associated with the market. As such, the report is the most comprehensive analysis of professional indemnity insurance in South Africa ever produced.

You may be able to use these reports plus the accompanying PartnerBASE™ datasets and market data annexes in one or more of the following ways:

– to compare the size, growth rates and future prospects of professional liability insurance markets in South Africa across 12 distinct categories, utilising the market data annexe as a convenient source of data already in Excel format;

– to evaluate the potential for your organisation to target professional indemnity propositions at specific professions;

– to understand the competitive environment for broking and underwriting in South Africa by professional category;

– to gain access to a single comprehensive source of information providing broker and / or underwriter details for affinity schemes set up by professional associations for this form of insurance;

– to appreciate which professional categories in South Africa offer the best long-term potential, which are already saturated with competitors, and what product or distribution innovations are occurring.

0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

Finaccord’s study breaks down the market into 12 professional categories

Rationale

This is the first ever report published on this subject…

… with affinity schemes researched in detail through the associated PartnerBASE dataset

Methodology

Association survey

Market data

External sources

Definitions

Professional indemnity insurance

Professional categories

Operating models

Other notes

PartnerBASE™ and market data annexe

Finaccord

2.0 MARKET ANALYSIS

Introduction

Number of insurable enterprises

Financial and insurance intermediation is the largest of the professional categories analysed…

…while IT and business consulting has been the fastest-growing by number of insurable enterprises

Market size

Professional indemnity insurance is worth over USD 100 million in premiums and other revenue

Claims costs for medical practitioners have risen sharply in recent years…

…as the fields of obstetrics, neurosurgery and spinal surgery are hit worst by the resulting premium hikes

Stalker Hutchison Admiral dominates the insurance market for private hospitals

Engineers often hold professional indemnity cover as a result of contractual requirements

Engineering consultants have benefited from a soft market in premium rates for several years…

…while only a minority of electrical engineers regard it as necessary to take out any cover

The primary layer of cover for attorneys is funded through a single premium…

…while a minority of legal services firms also opts to purchase top-up cover

Professional indemnity insurance has become mandatory for financial intermediaries…

…while penetration rates are also very high among several healthcare-related professions

Clients increasingly insist on IT consultants providing proof of professional indemnity cover…

…while most accounting professionals are adequately insured

The segment of estate agency and property has a high number of insurable enterprises…

…while translators and interpreters see little reason to insure their professional risks

The market for insuring professional indemnity risks in publishing and advertising is not well-developed…

…while the majority of chiropractors carry professional indemnity insurance

Professional indemnity insurance premiums are growing more slowly than those for total general liability

Affinity schemes

More than a quarter of professional bodies have an affinity partnership for professional indemnity cover…

…rising to over 90% for associations representing enterprises active in healthcare-related services

Partnerships are spread across 12 brokers, headed by Aon and PI Financial Risk Services…

…while CFP Brokers primarily works with associations in the segment of healthcare-related services

Santam is the underwriter with the highest number of verified partnerships…

…while Etana’s partnerships are primarily concentrated in the field of healthcare-related services..

…and Hollard collaborates with a major association for property valuers

A number of professional associations make professional indemnity cover compulsory for membership

Other key insurance providers and distribution channels

In some segments, professionals take out insurance from brokers directly

Market forecast

Professional indemnity insurance is expected to register strong growth in the years leading up to 2015…

…with the market for medical practitioners expected to continue its expansion…

…and with legal services as well as IT and business consulting also registering strong premium growth

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Number of insurable enterprises and value of professional indemnity insurance in South Africa, segmented by professional sector, 2011

1.0 INTRODUCTION

2.0 MARKET ANALYSIS

Insurable enterprises in South Africa, segmented by professional sector, 2011

Compound annual growth or decline in number of insurable enterprises in South Africa, segmented by professional sector, 2007 to 2011

Number of insurable enterprises in South Africa, segmented by professional sector, 2007 and 2011 (data)

Approximate gross written premiums for professional indemnity insurance in South Africa, segmented by professional sector, 2007 and 2011

Approximate gross written premiums for professional indemnity insurance in South Africa, segmented by professional sector, 2007 and 2011 (data)

Approximate gross written premiums for total general liability insurance and gross written premiums for professional indemnity insurance as a percentage of these in South Africa, 2007 and 2011

Affinity schemes for professional indemnity insurance in South Africa: provision rate and operating models, 2011

Affinity schemes for professional indemnity insurance in South Africa: broker share of partnerships, 2011

Affinity schemes for professional indemnity insurance in South Africa: underwriter share of partnerships, 2011

Forecast for gross written premiums for professional indemnity insurance in South Africa, segmented by professional sector, 2011 and 2015

Forecast for gross written premiums for professional indemnity insurance in South Africa, segmented by professional sector, 2011 and 2015 (data)

To order this report:

Insurance Industry: Professional Indemnity Insurance in South Africa

Contact Nicolas: nicolasbombourg@reportlinker.com
US: (805)-652-2626
Intl: +1 805-652-2626

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