A collapse in insurance capacity for solicitors looks set to lead to a 10-fold explosion in the number of law firms in the Assigned Risks Pool (ARP), while major firms are having to scale back the amount of cover they are buying, insurance experts are warning.
Estimates by The St Paul, the largest supplier of solicitors’ primary layer professional indemnity cover in the UK market, are that the ARP, which covers firms unable to get regular commercial insurance, will rocket from around 45 to 400 this year.
