With up to 90% of the legal professional renewing their professional indemnity insurance on 1 October, the solicitors renewal season now into full swing. So what's the market doing this year?
Generally rates are dropping to varying degrees across the entire profession, from sole practitioners to the large firms. In exceptional cases premiums are down by almost 20% but rate reductions of a more modest 5% are more common.
Mark Bracher of Professional Indemnity Insurance Brokers comments 'Although professional indemnity claims against the profession are still running at a high level, the removal of the Assigned Risks Pool has been a positive feature making the legal profession more attractive to insure. It was to be expected that rates would soften this year.'
The market is arguably safer this year too. After many problems in recent years with the unrated insurers, they have finally been priced out of the market by more credible rated competitors.