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A solicitors' market update

While the claims environment has improved, Steve Holland advises firms to consider longer-term policies to avoid any potential volatility in pricing

5 July 2017

The professional indemnity insurance market for solicitors has been very stable for the first six months of this year and is lining up to be very competitive for 1 October renewals, when around two-thirds of firms in England and Wales will renew their policies.

The good news is that there is plenty of capacity from both insurance companies and Lloyd’s of London, with 30-plus participating insurers. There is increased appetite from existing participating insurers coupled with two new entrants this year, with China Re and Lockton’s MGA Omnyy adding to the competition as they both seek to gain a foothold in the market.

Each insurer has its own preferred risk criteria, which means insurers are selective in their choice of which law firms they wish to cover. While some specialist firms could have up to a dozen insurer options, the vast m...

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