Biba 2021: Call for 'unified action' on PI problems
As the cost of PI soars, and insurers exit the market, Biba panellists call for brokers and insurers to collaborate to ensure customers get value.
In recent years, professional indemnity has become a problem line for the market and the sectors it serves, with shrinking capacity and stricter underwriting terms.
Nic Brown, Markel UK sales and marketing director, said: “Cheap, short-term unsustainable capacity coming in and out of this market is giving a classic economic conundrum, which is oversupply. Same demand drives the price down and when that supply pulls out because the margin isn’t being made by those insurers that ultimately aren’t
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