After an extremely challenging few years, it feels like the Professional Indemnity (PI) Insurance market is now in something of a holding pattern as insurers assess the impact of underwriting actions and the overall performance of their PI portfolios. This will come as welcome news to those who have been at the sharp end of those underwriting actions but at this point, a significant shift in market appetite and a broadening of coverage still feels some way off.
In some ways, it would be easy to frame recent difficulties solely in the context of challenges in the PI Insurance market but the issues are much more profound. The challenges associated with PI Insurance are just a symptom of a much wider problem concerning a risk -v- reward imbalance that has plagued the construction professions.
Addressing that underlying issue is central to achieving real change. That is why we continue to invest considerable time and resource into working with ACEI, Government and other stakeholders to improve the commercial, regulatory and legal environment our clients are operating in.
Significant advances have been made on individual issues but much more needs to be done to achieve the fair risk -v- reward balance that is required to underpin:
A more resilient model that can serve the interests of all parties into the future.
For those interested in learning more about the work we’re doing in this area, the progress made to date and the challenges that remain we would encourage you to join us at ACEI’s event at the Rochestown Park Hotel, Cork on 20th September.
Griffiths & Armour Europe DAC
Griffiths & Armour Europe Designated Activity Company, trading as Griffiths & Armour is regulated by the Central Bank of Ireland