The UK has a low mortality and birth rate which implies like all the other developed nations it has a slow population growth. The nation has almost cent percent literacy rate and this is attributed to universal public education system introduced in 1870 . The number of people above 65 years is significantly high. Majority of the people live in the urban areas but the rate of urbanization currently is steady. The net immigration rate is very high and this was one of the major reasons for Brexit.
The biggest factor that is said to influence UK’s economy is the Brexit vote. However , contrary to popular predictions that UK economy would be in a deep trouble after the Brexit vote , the growth of the nation has been slow as before. It is not that it has been completely unaffected by the referendum. As the value of pound Sterling fell , the fiscal deficit has risen. The sudden drop in the value of pound has given rise to many complications. Ken Research in its analysis says, the import costs have shot up and doing global business has become expensive. This vote also led to a tiff between tesco and its biggest supplier, Unilever . Unilever wanted to increase prices in the UK to compensate for drop in value. This led Tesco to temporarily stopping sale of its most famous brands – including Marmite – to online shoppers.
Research report titled “Professional Indemnity and D&O Insurance in the UK-Key Trends and Opportunities to 2020” says, insurance in the United Kingdom is divided into various categories. The categorisation put in sections 333B, and 431B to 431F of the Income and Corporation Taxes Act 1988(ICTA) and each category of business given a different tax treatment. TheFinancial Services Authority was formed in 2001 as the regulator. In 2013 theFinancial Services Authoritywas dissolvedandFinancial ConductAuthority and Prudential Regulation Authority were given responsibility of financial conduct.
Professional indemnity and Directors and Office insurance is needed to protect professionals and businesses when claim made by third party. It protects an individual when made against him/herfor alleged wrongful acts in their capacity as a Director or Officer or against the organisation. Claims can be made either by shareholders or creditors however recently a growing incidence of claims being made against Directors & Officers by regulatory bodies. It also covers the legal and other costs and expenses incurred in the defence of a claim. Professional Indemnity Insurance and Directors & Officers Insurance operate on the basis of “claims made basis” I.e. policy comes in force at the time the claim is notified which will operate irrespective of when the alleged act of professional negligence or wrongful act took place or when the work was actually undertaken
The UK PI and D&O market has shown a constant growth since 2012, however this market is one of the least concentrated market. The UK market for personal indemnity is consolidated as five of the firms account for more than half the market share. The main drivers of this market is trends in business population and confidence , directors rising public exposure and increase in the regulatory activity.
Topics Covered in the Report
- UK Insurance Regulatory Framework
- Global insurance sector
- UK insurance industry trends
- UK professional indemnity and D&O insurance market
- UK Professional Indemnity Insurance Penetration
- UK Professional Indemnity Gross Written Premium
- UK Insurance industry Regulations
- UK Insurance industry research report
- UK Non-life insurance market research
- UK Professional Indemnity Insurance market Growth
- UK Professional Indemnity Insurance market future
- UK Professional Indemnity Insurance market Trends
- UK Professional Indemnity Insurance market analysis
- UK Commercial Liability Insurance Premiums and PI Share
- UK Professional Indemnity Insurance-Gross Written Premium
- UK Professional Indemnity Insurance-Penetration and Density
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Ankur Gupta, Head Marketing & Communications