Blog: Why tripartite partnerships are key in the professional indemnity market
As the professional indemnity market continues to be beset by ever more challenges Nic Brown, of Markel UK, explains why the successful placement or renewal of cover now, more than ever, relies on strong partnerships between insurer, broker and insured.
The PI market continues to be one of the most challenging classes in the market. Two years of hardening rates have been compounded by increasing liabilities, toughening regulation and the withdrawal of capacity following a rise in claims frequency and values. In many respects, this has created a perfect storm for the sector.
With capacity guilty of ‘rate hunting’, only to leave when the going gets tough, brokers need to take a critical view of providers that come and go, and who entice with the
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