Cyber risk, professional liability and health insurance will be the “stars” of the niche insurance market in 2022

Aurel Constantin 12/01/2022 | 15:00

Leader Team Broker, a key player in Europe’s niche insurance market, estimates that 2022 will be the year of professional liability and cyber risk insurance, in a growing market in both Europe and Romania. Leader Team Broker, which is already working with European companies, aims to expand this year to all EU countries, especially with international health insurance, e-commerce insurance, cyber risk insurance, as well as other professional liability (in areas such as oil and gas, maritime industry or construction). The company expects for this year revenue of EUR 9 million, with brokered premiums up from 2021 when the level of brokered premiums was of EUR 7 million.

 

The year 2021, marked by the pandemic caused by SARS-COV2, has made people and companies aware of the risks they are exposed to and take out insurances, particularly health and professional liability insurances, for protection purposes. Leader Team Broker estimates a 20% increase in gross written premiums in 2022 compared to the previous year, a significant advance given that the average increase each year has been between 8 and 10%.

“The pandemic, which has continued over the past year, has made all of us – individuals and companies – more risk-aware and more responsible to ourselves and our businesses and employees. Under these conditions, the insurance market has been growing and developing. For Leader Team Broker, 2021 was a year in which we continued to innovate, in which we launched new products – among which we mention liability insurance on different fields: e-commerce or for marketing agents, in which we expanded at European level and in which we won several international awards as a result of the innovative products we created. For 2022, we are working on new packages in the health and professional liability insurance segment and we will continue to expand in order to strengthen our presence at European level,” said Răzvan Rusu, founder of Leader Team Broker.

In addition to national and international health insurance, some of the most sought-after products in Leader Team Broker’s portfolio are cyber risk and professional liability insurance, which are on a growing trend both in Europe and in Romania, where Leader Team Broker estimates a 20% growth in this segment.

“Definitely, the COVID-19 pandemic has led people to be more responsible for their own health, both in terms of prevention and in terms of insuring against the risk of illness for the future, and thus this segment has seen significant growth. Leader Team Broker combines insurance products with technology and artificial intelligence and has always been one step ahead and permanently connected to international markets, analysing every possible risk and creating first-of-its-kind insurance products that companies can rely on. We will continue to focus on health insurance with territorial expansion in 2022. A second segment on which we will focus our development strategy this year is cyber and liability insurance, as new risks and new requirements emerge in the market,” said Alexandra Elena Durbacă, Leader Team Broker CEO.

The CEO of Leader Team Broker explained that the number of companies interested in cyber risk policy has increased significantly after the incidence of cyberattacks was up to 70% higher in 2020 and 2021.  At the same time, 2021 brought another exciting new development in the industry globally – the insurance imposed by Amazon on all sellers who sell on the platform above a certain amount limit.

“Leader Team Broker was among the first players in Europe to launch such a product. Currently, we have over 150 companies in Europe that have already purchased this policy and we aim to expand with it to as many EU countries as possible. We therefore estimate that the professional and cyber liability segment will grow by 20% in 2022, so we will support our customers with new innovative products,” added Alexandra Elena Durbacă.

Top insurances a company or individual needs

In 2021, the Top 3 most requested products were motor policies (RCA-mandatory civil liability insurance for car owners and CASCO- fully comprehensive car insurance policy), professional liability insurance and health policy. The ranking will remain roughly the same in 2022, with the addition that property insurance will also be increasingly sought after.

For companies, the most important insurances for a company to take out include those for property and buildings, professional liability, for employees’ health and motor insurance (if applicable).

In the case of an individual or family, at the top of the ranking should be health and life insurance, property insurance (home and motor), liability insurance and travel insurance (if applicable).

What Romanians who want to take out an insurance in 2022 need to know

Leader Team Broker specialists recommend those who want to take out insurance policies in 2022 to purchase their insurance according to the analysis of the risks to which they are exposed and to focus their attention on property, home and health insurance (these are basic insurances that everyone should have).

The Leader Team also recommends that Romanians use an experienced broker for the insurance product they need. The market is big, there are many offers and as many specialists, but beyond offer and price, the impartial advice focused on analysing needs and the presentation of state-of-the-art solutions can make a significant difference between one broker or another. In addition, assistance in case of damage is a differentiator. The company’s experts also advise Romanians to choose the right insurance product according to their needs and not based on price alone. They should choose insurance products from experienced, reputable and stable insurance companies.

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Download PDF or read online: December 2021 Issue | Business Review Magazine

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Aurel Constantin | 22/12/2021 | 14:16
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