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Professional Indemnity Insurance in Canada
Description: Professional Indemnity Insurance in Canada is a report about the Canadian 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
- medicine and dentistry - other professional sectors
Furthermore, on the basis of a survey of 150 professional associations, it identifies affinity schemes for professional indemnity insurance in Canada 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 Canada 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 Canada 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 Canada 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 Canada offer the best long-term potential, which are already saturated with competitors, and what product or distribution innovations are occurring.
Contents: 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
IT and business consulting is the largest of the professional categories analysed...
...while healthcare-related services has been the fastest-growing by number of insurable enterprises Market size
Professional liability insurance is worth over USD 1.1 billion in gross written premiums and other revenue The CMPA covered around 83,000 medical practitioners in Canada in 2011...
...while the HIRC is the main insurer for hospitals
LAWPRO is the biggest provider of professional indemnity insurance for lawyers...
...while the CLIA is an insurance exchange for professional liability risks for lawyers in several provinces While premiums for architects have stabilised, market conditions for home inspectors are more difficult Financial intermediaries have benefited from soft pricing in recent years...
..while abundant capacity has also created favourable premium rates for most IT and business consultants Insurers struggle to write profitable business for the accounting profession
Nurses are normally covered through the CNPS
Professional indemnity insurance for social workers has become a sizeable market FARCIQ covers around 18,000 real estate professionals in Quebec
Insurance cover for media organisations is seen to have high potential but demand has not yet taken off Chiropractors run their own organisation to ensure affordable protection...
...while underwriting yoga instructors is reportedly profitable due to their low claims frequency
Professional indemnity insurance premiums have grown more slowly than the total general liability market Affinity schemes
Close to half of professional associations have an affinity partnership for professional liability cover... ...rising to over 90% for associations representing enterprises active in alternative medicine
Lawyers normally take out compulsory cover through the provincial law societies...
Partnerships are spread across 32 brokers, headed by LMS Prolink and Aon Reed Stenhouse JTL works primarily with associations in the field of architecture and engineering....
...while McFarlan Rowlands has ties in the segment of healthcare-related services Encon is the underwriter with the highest number of verified partnerships...
...while Lloyd’s underwriters also have several ties across a diverse range of professional associations... ...and Novex / Intact focusses on partnerships in the area of healthcare-related services
A number of professional associations make professional liability cover compulsory for membership Several associations have maintained the same affinity scheme for over a decade...
...although others have begun a new relationship within the last two years Other key insurance providers and distribution channels
In some segments, professionals take out insurance directly from brokers Market forecast
IT and business consulting is the sector with the highest growth potential up to 2015... ...while lawyers’ premium rates will be impacted by rising claims costs
LIST OF GRAPHICS / TABLES 0.0 EXECUTIVE SUMMARY
Number of insurable enterprises and value of professional indemnity insurance in Canada, segmented by professional sector, 2011
1.0 INTRODUCTION 2.0 MARKET ANALYSIS
Insurable enterprises in Canada, segmented by professional sector, 2011
Number of insurable enterprises in Canada, segmented by professional sector, 2007 and 2011 (data) Approximate gross written premiums for professional indemnity insurance in Canada, segmented by
professional sector, 2007 and 2011
Approximate gross written premiums for professional indemnity insurance in Canada, 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 Canada, 2007 and 2011
Affinity schemes for professional indemnity insurance in Canada: provision rate and operating models, 2011 Affinity schemes for professional indemnity insurance in Canada: broker share of partnerships, 2011 Affinity schemes for professional indemnity insurance in Canada: underwriter share of partnerships, 2011 Forecast for gross written premiums for professional indemnity insurance in Canada, segmented by professional sector, 2011 and 2015
Forecast for gross written premiums for professional indemnity insurance in Canada, segmented by professional sector, 2011 and 2015 (data)
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