Renewals of solicitors’ PI insurance this year have taken place in a hard market, with reports of many firms – including large City firms – experiencing premium increases of 20 to 40%.
There has been reduced underwriting capacity for such business. A number of insurers have either left the market, or sought only to underwrite renewals, rather than new business. Primary layer insurers have sought to reduce their exposure on renewal through reduced limits, higher self-insured excesses, and restrictions on extensions of cover beyond the Minimum Terms.
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