Aprolonged ‘hard’ market for professional indemnity insurance broke any sense of a ‘cycle’ that had previously existed. But competition has increased for solicitors’ custom, and more capacity has been tempted in. Measured by price and capacity, the current market remains ‘soft’ by historical standards.
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4th post 12:32 With the PII market still benign, solicitors can focus their energy on how best to present themselves to insurers as a good risk.
What is driving this? ‘Part of it is capacity, most certainly, but not just new capacity,’ Rowson explains, adding that ‘established providers [are] actually changing their positions’. There is not, he notes, a sense of a big new threat in the form of a new class of claims against solicitors.
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