BLM, in partnership with the Institute of Directors, has conducted research into current macroeconomic trends, investigating the impact of the recent global recession and economic risks over the coming years. This is the second time we have undertaken this research. In 2015 our findings addressed the macroeconomic trends affecting the Lloyd's and London Market focusing on professional indemnity, property & environment, and casualty. Now in 2017 and at a time of economic and political uncertainty, it is an optimal time to take another look.
Professional indemnity cover has never been more important. For years the commentators have predicted that the US-style class-action culture is just around the corner, and while that has yet to materialise the risks for professionals operating in all sectors continue to grow.
When an economy is in rude health we tend to see fewer professional negligence claims. Unfortunately this doesn’t mean they will never arise. Instead they are simply stored up, and are often realised when the economic pendulum swings the other way.
That’s not the case for all categories of professional negligence claims. Some claims have little connection to the macro environment. In this paper, we’ve focused on elements where the connection is the strongest so we can best predict what a future claims landscape will look like.
In our whitepaper we analyse four key sectors: finance, construction, property and law. We have also dedicated space to D&O, given there are trends that are likely to have crosssector impact.
Click here to download the whitepaper.