Biba 2021: Call for 'unified action' on PI problems

Insurance Age staff
13 May 2021

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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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