Insurers ramp up professional indemnity rates by up to 100% for surveyors
Surveyors are facing rate increases up to 100% for their professional indemnity (PI) insurance, Marsh says.
Marsh predicts rate rises between 10% and 100%, as insurers respond to a four-fold increase in claims from surveyors over the last 12 months.
The rate rises are also driven by insurers pulling out of the market, meaning less competitive pricing from the remaining players.
The hikes could force surveyors out of business or into mergers, Marsh says.
Senior vice president in financial and professional practice, David Stocks, said: "The dramatic increase in claims notifications has affected insurers appetites to take on surveyors' professional indemnity risk, meaning there is less capacity in the market than 12 months ago."
For more information see next week's Insurance Times.
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