Specialist Professional Indemnity insurance for actuaries
Actuaries are often seen as one of the higher risk professions for insurers. This is because your work may involve analysing future financial events, especially when the amount or timing of a payment can be critical.
In simple terms, you predict the future by assessing risks and applying financial and statistical theories to solve real business problems and that makes you vulnerable to claims when things don’t work out the way your clients expect.
The potential for professional indemnity claims depends on which field you work in but could include:
- Finance: miscalculating the pricing of investments or products
- Insurance: errors in predicting the claims experience and profitability of a book of business
- Pensions: failure to advise on scheme structures correctly
- Enterprise management: errors in capital modelling
Claims, even spurious ones, can be expensive and time consuming to defend and the losses can be substantial. Even if a claim is unsuccessful, the time and effort involved in contesting it involves diverting otherwise productive resources.
Many mainstream insurers don’t provide PI cover for actuaries which can make it difficult to get a quote. Arlington has had a specialist PI Scheme for UK based Actuaries in place for a number of years so we understand this market and the challenges you face. We can offer a specific Actuaries policy wording on an ‘any one claim’ and costs in addition basis; other insurers may offer cover on a miscellaneous wording and a more restrictive aggregate/inclusive of costs basis.
Obtaining a quote
Please complete and return the Actuaries Proposal Form.
Alternatively, if you’d prefer to speak to us, please call Verena Cole on 0117 387 8880 or Anna Lloyd on 0117 387 8881 or email us at firstname.lastname@example.org.