Aviva cites market volatility after PI pullback
Aviva has cited the volatility of the professional indemnity (PI) market following its decision to stop writing business for non-corporates and standalone policies.
This portion of business is valued at some £35m and almost 100% is sold through the broker channel.
And speaking to Insurance Age, David Hall, managing director, Aviva corporate and speciality risk, admitted: "We have not been able to achieve the required rate increases."
He also highlighted that the capital intensive nature of writing PI for the segment hindered the insurer's ability to make a profit.
Aviva will instead focus on writing PI business for corporate clients and companies who earn
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