Marsh, the world’s leading insurance broker and risk adviser, will host a breakfast briefing on Friday 30 October to discuss market trends in professional indemnity (PI) insurance for UK surveyor firms and how the risks facing the sector have been affected by the economic downturn.
Marsh has noted a four-fold increase in claims notifications against UK surveyors over the past 12 months, which is fuelling rate increases of between 10% to 100% in professional indemnity (PI) cover at renewal this year.
Topics to be covered at the briefing include:
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How the reduction in commercial and residential property values has led to a sharp increase in PI claims notifications against surveyors from banks and lending institutions.
- The insurance market’s reaction to the contraction of the UK residential and commercial property sector.
- How the market for PI insurance for small and medium-sized firms has been affected by the recession.
- How risk management and alternative insurance solutions can help UK surveyors reduce their total cost of risk.
The briefing will be hosted by David Stocks, a Senior Vice President in the Financial and Professional (FINPRO) Practice in London.
About Marsh
Marsh, a global leader in insurance broking and risk management, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has approximately 26,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a wholly owned subsidiary of
Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. With 53,000 employees worldwide and annual revenue exceeding $11 billion, Marsh & McLennan Companies is also the parent company of
Guy Carpenter, a global leader in providing risk and reinsurance intermediary services;
Mercer, a global leader in human resource consulting and related services; and
Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter
@Marsh_Inc.