PracticeAccounting FirmsProfessional indemnity too risky for insurers

Professional indemnity too risky for insurers

Insurers are turning away from risky lines of business in their droves with professional indemnity emerging as one of the key business lines being rejected.

Link: PI Premiums got through the roof after Enron

A study carried out by PricewaterhouseCoopers found that two thirds of the insurance companies surveyed are changing the kind of risks they will underwrite and are reducing their exposure to areas like aviation, US casualty, US property and professional indemnity.

Philip Calnan, partner, PricewaterhouseCoopers, said: ‘The heavy losses as a result of September 11 have been a final wake up call for many insurers, clearing away any remaining complacency and hastening change.

‘Most companies recognise the need for change and what they need to do to survive and succeed going forward, but some appear to be finding it harder than others to turn words into action.’

Related Articles

BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

4d Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

6d Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

1w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

2w Emma Smith, Managing Editor
RSM announces two partner promotions

Accounting Firms RSM announces two partner promotions

3w Emma Smith, Managing Editor
Backsourcing: The latest accountancy trend?

Accounting Firms Backsourcing: The latest accountancy trend?

1m Pillsbury Winthrop Shaw Pittman