PI [professional indemnity] claims

Document description

Both the frequency and severity of claims against members of professional bodies have dramatically increased since 1980. The type of professional suffering claims has broadened. and some categories (such as Accountants operating in the United States) have become virtually uninsurable. Insurers have reacted by dramatically increasing premiums and deductibles, but even in the most recent years it is unclear whether the mainstream PI classes have returned to profitability. This workshop paper aims to provide background information on how claims are likely to arise, and comment on the trends in claims by profession. Some examples are included in this text, but more detailed cases will be incorporated in the presentation, as will a discussion of underwriting problem.