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Making the best of the boon years

Making the best of current market conditions means more than just enjoying the low premiums but also building up defences against electronic crime, writes Jean-Yves Gilg

30 June 2017

‘It was a bit grubby ten years ago; it’s a much nicer market now,’ says Solicitors Journal regular contributor Russell Conway. The senior partner at West London practice Oliver Fisher has been responsible for the firm’s professional indemnity insurance for two decades. His good claims record has ensured that he’s never had any trouble getting a renewal, he says, and his premium has even gone down significantly this year. Well-managed small firms, he adds, are the perfect clients for insurers these days.

After the uncertainty surrounding the closure of the assigned risks pool in 2013, the troublesome years where unrated insurers came and went with the same suddenness, and the long slow landing that followed the 2008 crisis, the professional indemnity market for solicitors has eased up. Very small firms can still face difficulty in securing affordable cover but for most in the mid-tier segment...

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