Insurance for Actuaries & Pension Administrators

Protection for finance professionals

You excel in predictions and problem-solving, and your attention to detail's second to none. But even the most experienced actuary or pension administrator can be accused of mistakes. That’s why it’s key to have the right insurance for the risks you face.

Professional Indemnity insurance (PII) offers financial protection if a client or third party accuses you of negligence or errors in your advice or services. So if things go wrong, whether the accusation is founded or not, your policy helps cover the cost of the claim. 

What does Professional Indemnity insurance cover?

If you’re accused of professional mistakes that have led to alleged loss for your client, PII covers the legal costs of defending yourself. This includes solicitor and court costs, and any damages or settlements awarded. The types of claims can include: 

• Negligence or breach of duty of care
• Defamation 
• Misrepresentation 
• Loss or destruction of documents 
• Unintentional confidentiality breaches 
• Intellectual property infringements

Policies vary across insurers, with some risks, such as breach of contract or unrecoverable fees, optional add-ons. We'll design your PII around your firm and explain what is and isn’t covered.  

Why choose us?

We’ve been helping to protect your profession for three decades. We represent firms of all sizes, from sole practitioners to top ten multi-office actuarial practices.

Our dedicated team knows the challenges of your industry and has strong relationships with the few insurers operating in the market. We place over £2.5 million of PII premium for actuarial and pension administrators. That's a significant imprint in such a small market. Overall, we place over £400m of premium into the PII markets each year. 

We offer:

• Exclusive policy wordings built around the risks of your practice.
• Benchmarking capability that gives us unique insights into your risk profile.
• Dedicated in-house claims team that knows how to manage the complex claims often experienced with actuarial work.

Alongside your insurance, you'll have access to:

• Risk advice and training support, such as help with presentations to staff and fee earners on risk assessment and management.
• Expert insights and updates, offering practical guidance on legal and regulatory developments, claims trends, and market conditions. 
• Free business support, including 24/7 legal advice and counselling helplines for you and your colleagues.

Do you need Professional Indemnity insurance?

Without PII, you could face high legal and compensation costs if a client accuses you of professional negligence or a breach of duty. It’s an important type of insurance, as it helps fulfil your duty of care towards clients, to cover their potential losses.

Claims could be for anything from pricing mistakes to incorrect advice on pension scheme structures – and the financial fallout could be substantial.

What’s more, membership bodies and the Financial Conduct Authority (depending on your specialism) may require you to have this insurance to cover your activities. For example, the Institute and Faculty of Actuaries (IFoA) states licensed firms should have PII appropriate to the work carried out, to mitigate risks. Clients may also ask that you have PII in place as a condition of a contract.