Solicitors are enjoying a buoyant mood in the professional indemnity insurance (PII) market, with rate decreases and improved stability
Three insurers have entered the PII market while none have left, according to broker Howden Group’s Solicitors’ PII market report, published this week. It reports ‘an increase in appetite’, with ‘a number of underwriters relaxing restrictions on new business, with some increasing the amount of conveyancing work they were prepared to consider as a percentage of a firm’s overall gross fees’.
While longer-term policies ‘all but disappeared’ during the hard market, 26% of Howden’s clients for the 1 April 2024 renewal opted for longer periods (18 months being the most common).
Looking ahead to the 1 October renewal, Howden predicts the favourable market will continue, with excess layer rates improving throughout the year. However, it advises firms to start the renewal process early due to ‘increased scrutiny of financials’ by insurers.
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