Blog: Professional indemnity - Was 2020 the eye of the storm?
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MGB’s Nick Bender considers the evolution of the PI market and predicts how the space will look in future.
The UK PII Insurance Market is now unrecognisable from the beginning of the previous decade, which experienced heady rate-cutting and considerable over-capacity. Since 2018 we have seen mass exiting of Insurers, as return on capital had been almost non-existent.
2019
Some of the issues that caused contraction in 2019 included 2017s Grenfell Fire tragedy and the student accommodation fire in Autumn 2019, leading to a combustible materials exclusion for the construction sector.
Continued Brexit
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