Law Society annual professional indemnity insurance survey confirms favourable market for firms28 Apr 2016
For the second year running professional indemnity insurance (PII) renewal went smoothly for the vast majority of firms, the Law Society of England and Wales’s 2015-16 PII survey has found. The market remains competitive and very favourable for firms, with plenty of rated capacity. Worryingly, however, the cost of run-off cover has increased significantly in the last year.
Commenting on the survey results, Law Society president Jonathan Smithers said: “The increased rated PII capacity and lower premiums are good news for firms, as is the easier renewal process. Firms should take advantage of these favourable conditions and shop around for cover when renewing. It is vital firms keep their risk management up to date, in particular in relation to scams, if they wish to continue to benefit from lower PII premiums.”
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