IA survey of 770 solicitors’ firms, carried out by market researchers Behaviour and Attitudes on behalf of the Law Society, has revealed the dire state of affairs in the professional indemnity insurance market for solicitors.
If a massive increase over the last year of some 56% in the average premium paid sounds bad enough, the position is even worse for those firms with a poor claims record. Their premiums have increased by an average of 132%.
Moreover, the survey showed that, following the withdrawal of so many insurers from the market, two thirds of the professional indemnity cover for solicitors is now provided by just two insurers. And with one of those two, the Solicitors Mutual Defence Fund, now insolvent, the situation appears to be unsustainable.
Get the professional indemnity insurance you need at at 0333 3211 403.
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