The insurance market is increasingly volatile due to geopolitical instability, new technologies, and regulatory shifts. While the European Insurance and Occupational Pensions Authority (EIOPA) recently described overall risk as “stable,” it warned of “pockets of vulnerabilities” linked to ongoing market pressures. For brokers, understanding the most affected sectors is key to delivering value.
Neil Whiteford (pictured), Cert CII and account executive at Roxburgh Insurance Brokers, highlighted several industries impacted by this climate: “Some of the hardest industries to insure include surveyors and architects, tech professionals, and legal and financial advisors,” he said.
He explained that these professions face risks such as “long-tail claims (claims reported or settled long after the event, often involving ongoing liability risks), regulatory scrutiny, and negligence exposure.” Additionally, he flagged the marine and aviation sectors as complex due to “complex global logistics, war and terrorism exposure, and high-value assets.”
Whiteford’s observations align with recent market data. According to a Kennedy’s Law report, since 2018, insurance prices in the UK for surveyors and architects have doubled, with professional indemnity (PI) premiums rising by “as much as four times”. Legal and financial advisers face similarly steep increases. According to Policy Bee’s research, traditional professions like legal and financial advisers make up “75–80% of the PI market” and A Forum of Insurance Lawyers report noted that the PI market has endured “a period of high premiums and limited insurer appetite in these sectors.”
Technology faces the same reality. A Professional Indemnity Insurance Brokers’ report stated that tech professionals face growing risks from technologies such as AI and cyber threats—driving higher demand for PI cover. In marine and aviation, it is the operational risk, regulatory complexity, and physical asset exposure that contributes to rising premiums, according to a report by Di Market.
Whiteford emphasised the need for brokers to take a hands-on approach: “It is important to understand the client, what products and services they provide and have a good knowledge and understanding of their supply chain and end customers.”
Brokers can play a vital role in helping clients navigate these challenges by:
Whiteford cautioned that it’s not only traditional sectors at risk: “Several emerging industries and niche markets in the UK are becoming increasingly difficult to insure.” He explained that these sectors often operate in areas of “rapid innovation, regulatory uncertainty, or high-risk exposure.” Examples he gave include; satellite tech, autonomous vehicles, and cybersecurity start-ups.
To support clients in these sectors, brokers can:
According to Whiteford, brokers working with harder-to-insure industries face several challenges: “Some of the biggest obstacles include; limited market appetite, reinsurance constraints, high premiums and deductibles, regulatory and legal challenges.” He advised that brokers need strong technical and relationship skills to overcome these: “Strong market knowledge and insurer relationships are key Whiteford also stressed the importance of clear communication and transparency, arguing that using claims data and industry benchmarks helps brokers justify premiums and build trust with clients. He added that brokers can enhance negotiations by comparing individual clients to “others in that sector”. To support high-risk clients, brokers should:
Whiteford urged brokers to remain vigilant in identifying cover gaps: “Brokers should also be aware of particular insurers or niche / specialist markets. Discussions can then be had surrounding the coverage and price, using their expertise to assist the client” he said.
He believes the key to success lies in proactive client engagement: “By embedding themselves in the client’s industry / ecosystem and adopting a forward-looking, pro-active approach, brokers can become trusted advisers and create tailored insurance solutions that truly reflect the risks of the businesses they serve.”
Whiteford also emphasised how trend analysis and underwriter collaboration can close gaps: “Potential coverage gaps, including risks of underinsurance, can be identified via the knowledge gained by positioning themselves within these industries and using trend analysis, risk assessments and building relationships with specialist underwriters and niche insurers.”
Brokers can strengthen client protection strategies by:
