The Middle East economic base has been gradually diversifying in recent times, from one mainly centred on oil.

In this new information-based economy, it is knowledge, rather than physical assets, that is the principal unit of production.

As a result, many more companies – and individuals – carry a professional liability exposure, in addition to the traditional professions such as accountancy, law and medicine.

The huge variety of services relating to information technology, and the global phenomenon of outsourcing, are examples of where the loss or corruption of data could lead to a professional negligence claim.

At the same time, many traditional professions face rising financial exposures from the size of the transactions in which they are involved.

Recent high-profile cases involving auditors illustrate how liability for defendants can run into hundreds of millions of dollars.

In a world of increasing litigation, surveyors, estate agents, valuers, insurance brokers, stock brokers, fund managers and medical professionals are just some of the groups that should be more concerned about the professional liability exposure that arises when they perform services on behalf of their clients.

The need for sufficient professional indemnity cover has never been greater.

Marsh has a global professions practice dedicated to servicing the needs of our professional clients. As a professional services firm ourselves, we recognise that professional services firms require a level of service, technical knowledge, and sector experience that is second to none.

Our commitment to client service and satisfaction is evidenced by the fact that we currently act for several service providers.