×

POLICY QUOTATION FORM

Please fill out this form and we will get back to you as soon as possible!

SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

CREATE AN ACCOUNT FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!

CREATE ACCOUNT

ALREADY HAVE AN ACCOUNT?
QUESTIONS? CALL: +1-888-3698790
  • LOGIN
  • GET A QUOTE

IciCoverage New Site

  • HOME
  • ABOUT US
  • PRODUCTS & SERVICES
  • FAQ
  • BLOG
  • CONTACT US
  • Home
  • Blog
  • Top insurance trends for 2017 according to experts
24 January, 2021

BLOG & Gossip

Top insurance trends for 2017 according to experts

by Desiree Colmenares / Wednesday, 18 January 2017 / Published in Blog

(Original article from Insurance Business Magazine)

We’re now several weeks into 2017 and the landscape is starting to form for the year ahead. So what can we expect from the insurance industry this year?

RPC has launched its Annual Insurance Review which it believes has identified the main issues that could impact the market based on its insight. Let’s take a look at the three key trends it has identified.

The rise of new professions and hybrid businesses
A host of emerging professions will require professional indemnity insurance, RPC suggests, meaning that so-called “miscellaneous PI” will become a fast growing class in its own right.

PI, of course, protects businesses in the case that a compensation claim is brought against them by former or existing clients based on negligent advice, with insurance able to cover compensation and legal costs. According to RPC, there are a host of new professions that will need this type of cover including accountants who are now taking on the role of IFAs, robo-advisors, and architects who are starting to provide interior design advice.

“PI providers are catering to a growing client base of new professions and hybrid businesses. In most cases, this means totally new territory,” James Miller, partner and head of insurance and reinsurance at RPC said.

“These businesses are often based on new concepts like app-based advice – and they need PI insurance to match. They do not fit into any pre-existing ‘boxes’ – and this means a lot more care and attention is required on the part of the insurer.

“It also means there is potential for a substantial new revenue stream for insurers who stake out territory in this new market.”

Cyber liability insurance for SMEs
The second trend that the firm identifies is that while many bigger businesses already have cyber liability insurance in place, there will be an increasing need for small and medium enterprises (SMEs) to take similar steps amid a growing risk of data breaches.

“Big businesses are asking their supply chain of SMEs to get this insurance,” continued Miller.

“Cyber security is no longer just a big business concern. Smaller businesses also hold a huge amount of data and customers are increasingly concerned about the effects a data breach could have on them.

“This is a trend likely to grow in 2017.”

FCA’s review of PI for IFAs 
The final trend identified by RPC it could be argued is not so much a ‘trend’ as it is an ‘issue’. It has pinpointed the Financial Conduct Authority’s consultation on the funding of the Financial Services Compensation Scheme (FSCS) as crucial as it could mean that liabilities that were normally covered by the FSCS are potentially moved across to PI insurers – possibly leading to a leap in premiums for IFAs.

“IFAs could be very much in the firing line as the FCA looks to balance out FSCS funding,” said Miller.

“One way they may look to do this is by shifting some of the current liabilities of the FSCS onto PI insurers – which will considerably ramp up how much IFAs will be charged for protection.

“There is even the possibility of PI insurance for IFAs shifting more towards the model used for solicitors and accountants, with defined run-off periods and minimum coverage. That is unlikely to be popular in the profession due to the likelihood of increased premiums.”

Source: http://www.insurancebusinessmag.com/uk/news/breaking-news/top-three-insurance-trends-for-2017-42651.aspx
 

0
Tagged under: claims, cyber-security, insurance, insurance trends 2017

About Desiree Colmenares

What you can read next

How to file a container insurance claim?
Synergistically fabricate backend niches
First test for marine cargo insurance with blockchain technology is complete

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Cargo Insurance

    Cargo insurance basics: What is it? Do you need it?

    Every day, cargo valued in billions of dollars ...
  • Allianz starts ambitious climate change protection plan

    The Allianz Group is significantly expanding it...
  • Why is cargo insurance important: The Maersk Honam case

    By law, all shipping carriers are forced to off...
  • Robotics in the insurance industry: The Brightside case

    Robotics in the insurance industry is starting ...
  • Allianz Lanka is created after Allianz’ acquisition of Sri Lankan general insurance unit

    Allianz announced the creation of Allianz Insur...

ICI Twitter
icicoverageInternational Container Insurance@icicoverage·
5h

AP Møller - Mærsk CEO Søren Skou has outlined the company’s route to producing large carbon neutral vessels by the end of this decade, in an ambitious plan for the company. By @container_news https://t.co/FAQBesaedI

Reply on TwitterRetweet on TwitterLike on TwitterTwitter
icicoverageInternational Container Insurance@icicoverage·
8h

International Container Terminal Services, Inc. has completed a berth expansion project at its flagship, Manila International Container Terminal , that effectively raises the MICT’s annual capacity to over 3.3 million TEU. By @container_news https://t.co/m8tokxTIP4

Reply on TwitterRetweet on TwitterLike on TwitterTwitter
icicoverageInternational Container Insurance@icicoverage·
11h

PGE Polska Grupa Energetyczna, Enea and Tauron Polska Energia have signed a letter of intent to create a joint company for the purpose of developing wind projects in the Polish Exclusive Economic Zone of the Baltic Sea. By @Splash_247 https://t.co/kTFEZFi5MG

Reply on TwitterRetweet on Twitter3Like on TwitterTwitter
icicoverageInternational Container Insurance@icicoverage·
14h

Tufton Oceanic Assets has announced the acquisition of a containership for $7m, taking its fleet to 21 vessels in total. By @Splash_247 https://t.co/2s2ecbC8KF

Reply on TwitterRetweet on Twitter2Like on TwitterTwitter
Retweet on TwitterInternational Container Insurance Retweeted
VeconinterVeconinter@Veconinter·
22 Jan

El transporte marítimo es uno de los canales más seguros para la movilización de mercancías pero, existen situaciones que pueden poner en riesgo la carga movilizada.
Conoce la importancia de contar con un seguro de mercancías en el trasporte marítimo👉 https://t.co/gHyR9yoHrL

Reply on TwitterRetweet on Twitter2Like on Twitter3Twitter
Load More...

ICI Facebook

Unable to display Facebook posts.
Show error

Error: The user must be an administrator, editor, or moderator of the page in order to impersonate it. If the page business requires Two Factor Authentication, the user also needs to enable Two Factor Authentication.
Type: OAuthException
Code: 190
Subcode: 492
Please refer to our Error Message Reference.

Navigation

  • Home
  • About Us
  • Products & Services
  • FAQ
  • Press
  • Blog
  • Contact Us

NEWSLETTER SIGNUP

By subscribing to our mailing list you will always be update with the latest news from us.

INTERNATIONAL CONTAINER INSURANCE

Fidelis Management Inc., P.O. Box 711 Juris Building
Main Street, Charlestown, Nevis.

PHONE NUMBERS

  • +1-888-3698790
  • Home
  • About Us
  • Products & Services
  • FAQ
  • Press
  • Blog
  • Contact Us
  • GET SOCIAL
IciCoverage New Site

© 2017 All rights reserved. International Container Insurance.

TOP