In 2018 the market for Solicitors Professional Indemnity Insurance is in great shape to show some extremely competitive premiums to the profession. This is due to the fragment of the ‘assigned risks pool’ and the ‘common renewal date’,and this is making the market a lot more alluring to advanced Insurers.
Until 2014, all law firms revived their PII on the same day each year, the 1st October. But this was a unfortunate system so the idea was finally abandoned by the SRA. Now solicitors are allowed arrange and renew their cover at anytime during the year.
In revenue terms, solicitors professional indemnity is worth around £250 million in annual premiums to the insurance market. This is for the ‘primary’ insurance cover and a further £50 million comes from extra layer. This is controlled by the 11,000 law firms practising in England and Wales.
Market distribution is heavily commanded by brokers who arrange PII on behalf of almost all law firms, with only a minimal number of firms organising cover direct with insurers. There are approximately 20 ‘Qualifying Insurers’ signed up to underwrite solicitors’ professional indemnity insurance but there is some churn each year with some insurers withdrawing and some new entrants. With Legal Ex Plus as your Broker you
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