Professional indemnity claims hit insurers' profits, rates surge

Aon Corp. Australia said that increasing professional indemnity-related claims and large settlements are hampering insurers' profitability while professional services firms are facing higher rates during renewals, Asia Insurance Review reported. The insurance broker said that the losses have forced several Lloyd’s syndicates to stop writing Australian professional indemnity business and insurers are reassessing their risk appetite for certain segments such as construction and technology.

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