27 August 2014

Vero quits financial planners PI market

Vero, part of Suncorp, has left the financial planners segment of the professional indemnity (PI) market following a recent product review.

Vero previously ceased offering cover to new business customers in the segment and has now ceased offering renewals, as it said the market was “no longer within our risk appetite”.

“Vero’s market share has significantly declined over the last two years. There has been increasing capacity in the market over the past twelve months and currently there are a number of insurers offering professional indemnity cover for financial planners,” said a Vero spokesperson.

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