header-logo header-logo

PII in the sky

22 September 2023 / Lubna Shuja
Issue: 8041 / Categories: Opinion , Profession , Insurance / reinsurance
printer mail-detail
138495
Cyber insurance, compulsory cover & spiralling premiums: Lubna Shuja sets out the latest findings of the Law Society on professional indemnity insurance

The legal services sector contributes £60bn a year to the UK economy and underpins over half a million jobs across England and Wales. Solicitors make an enormous contribution to our economy, but in order to protect their clients and themselves, they must have sufficient insurance.

More than 40% of firms still have the old common renewal date of 1 October, and they should be exploring the right cover for them. The Law Society carried out research on professional indemnity insurance (PII) to find out about the experience law firms and sole practitioners had of the insurance market.

A key issue we identified is that smaller firms are paying more, as a proportion of turnover, for their PII than larger firms. They are also more likely to switch insurers and end up paying higher premiums, suggesting they are doing so as a matter of necessity, not choice.

Another issue is that the process of purchasing PII has become more difficult,

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

NLJ career profile: Liz McGrath KC

NLJ career profile: Liz McGrath KC

A good book, a glass of chilled Albarino, and being creative for pleasure help Liz McGrath balance the rigours of complex bundles and being Head of Chambers

Burges Salmon—Matthew Hancock-Jones

Burges Salmon—Matthew Hancock-Jones

Firm welcomes director in its financial services financial regulatory team

Gateley Legal—Sam Meiklejohn

Gateley Legal—Sam Meiklejohn

Partner appointment in firm’s equity capital markets team

NEWS

Walkers and runners will take in some of London’s finest views at the 16th annual charity event

Law school partners with charity to give free assistance to litigants in need

Could the Labour government usher in a new era for digital assets, ask Keith Oliver, head of international, and Amalia Neenan FitzGerald, associate, Peters & Peters, in this week’s NLJ

An extra bit is being added to case citations to show the pecking order of the judges concerned. Former district judge Stephen Gold has the details, in his ‘Civil way’ column in this week’s NLJ

The Labour government’s position on alternative dispute resolution (ADR) is not yet clear

back-to-top-scroll