The market according to Airmic

Professional indemnity (PI) Professionals are passing on increases in PI rates to clients through higher audit fees

PropertyLittle or no competition in the property market, rendering it impossible to obtain a competitive price

Employers' liabilityDifficult, if not impossible to buy, particularly for companies with poor claims records

Product liabilityBecoming increasingly complex, with more and more exclusions Bermuda

Only a small number of Bermudian insurance companies have grown large enough to meet the complex needs of big business

Policy wordingDrastically tightened with increasing exclusions such as asbestos, terrorism, electro-magnetic radiation, pollution, product recall and earthquake

InsurersMaking excessive profits in the hard market, with little regard for relationships with policyholders, good risk management or clean claims records