The Insurance Distribution Directive (IDD) implemented in 2018, increased the PII limits for insurance brokers, but also set a requirement that the European Insurance and Occupational Pensions Authority (EIOPA) review the levels of cover regularly, in order to take into account any changes in the index of consumer prices.
As part of the latest review, the PII limits will be increasing as follows:
- The per claim minimum is increased from €1,250,000 to €1,300,380.
- The required aggregate yearly cover for all claims is increased from €1,850,000 to €1,924,560.
This new legislation comes into force on the 12th June, and so please review your PII certificate to ensure that your limits meet these minimum requirements.
