Sustainable Insurance and Professional Liability: An Empirical Analysis

Abstract

Professional liability insurance combines types of property insurance for several categories of individuals who may cause material harm to third parties as a result of their professional activities. As market rivalry has strengthened with the development of a market economy, the demand for insurance protection has increased, and the presence of a professional liability insurance policy boosts the prestige and confidence of a professional in the eyes of his clients and business partners.

In many nations throughout the world, professional liability insurance is a burgeoning insurance industry that brings profit to insurance firms and helps professionals maintain their activity and business stability.

Given that professional liability insurance is becoming a strategically significant area of insurance, it is pertinent to examine the problems and prospects of its development, which largely determined the research task: empirical analysis determined the level of influence of factors affecting the development of professional liability; based on the analysis of the state of professional responsibility in the insurance market, the problems of the development of the sub-sectors were identified.

Keywords: professional risk, insurance, object of insurance, professionalism, factor analysis