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Changing times of solicitors’ PII

The solicitors’ professional indemnity insurance market is tough and will get tougher if the SRA’s proposals are implemented, believes Steve Holland

2 June 2014

The 2014 professional indemnity insurance (PII) renewal for solicitors in England and Wales is lining up as another challenging time. Last year many firms experienced a ‘hardening market’ and early indications this year from participating insurers are that rates are being driven up due to the continued deterioration in loss ratios on the back of recessionary claims.

The expectation that removal of the assigned risks pool (ARP) (the safety net for uninsurable firms), would lead to an influx of new insurers into the market failed to materialise in a meaningful way last year. In fact, many existing insurers reduced their exposure to solicitors’ PII, either by restricting their appetite to ‘lower risk’ categories of firm, or pul...

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