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The professional liability market The non-medical market provides more than $14.7 billion in premium The professional liability (excluding medical malpractice) market accounts for more than $14.7 billion in written premium, according to data compiled by MarketStance, Middletown, Connecticut. Some 1.2 million small commercial operations have professional liability coverage, representing $6.7 billion in premium. The 72,000 middle market accounts provide $4.1 billion in professional liability premium and the 55,000 national accounts provide $3.9 billion. Architects and engineers is the largest market for professional liability coverage, with engineering services accounting for nearly $3.8 billion in premium and archi-tectural services adding another $492 million. Lawyers professional liability is the second largest niche, with more than $3.2 billion in premiums written. The next largest sector, securities brokerage, accounts for some $548 million in professional liability premium. The two areas that are expected to show the fastest growth in E&O premiums through 2008 are professionals operating in the securities area and professionals in computer services. The professional liability marketplace is extremely diverse, offering a plethora of small niches that can provide opportunities for agents and brokers with unique offerings. The top 10 niche markets represent less than $9.7 billion in professional liability premium, leaving an additional $5 billion in premium in the smaller niches—a not insignificant amount. For additional information on professional liability markets, contact MarketStance at (888) 777-2587 or e-mail info@marketstance.com. * |
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