Professional Insurance Claims Insights 2023
Building Safety, Cybercrime Biggest Professional Indemnity Risks
About this report from Allianz:
Architects and engineers face greater scrutiny over building and fire safety defects. Financial services professionals may be accused of mismanaging investment funds negatively impacted by inflation. A lawyer’s untrained use of AI tools when preparing client cases could result in an error-ridden brief. The emerging risk landscape for professional services firms is multi-faceted.
Allianz Global Corporate & Specialty has analyzed the top liability risks for companies and professionals like consultants, auditors and lawyers. Here’s a look at their key findings:
- Evolving building safety legislation and cybercrime are the two biggest threats.
- Use of new technologies and increased focus on ESG issues were rated as a the lowest-level threats.
- Covid-19 and inflationary pressures are expected to continue to create medium levels of risk.