60-65% of Law Firms in England & Wales continue to renew their PII on 1st October, but this means that around 4,000 firms renew at other times.
March and April is a popular renewal date and many in this group will have accepted 18 or even 24-month policies in the past, as Insurers have had more time to consider tailored solutions away from October.
The PII marketplace has been toughening since 2018 when many will have last renewed, so some firms looking to renew an expiring longer term policy may be in for a shock in 2020.
Lloyd’s review in 2018 started a queue of Insurers exiting the market and this has continued in 2019.
Premiums for 1st October 2019 policies were increased by 5%-20% but firms with a claims record or arranging levels of cover above SRA Minimum Terms often faced much greater increases.
Some Insurers were unwilling to offer quotations to renew existing policies (even with no claims record) if the risk profile did not fit revised appetites.
At Ntegrity, we work with a wide range of experienced Insurers and we operate in your best interests (we don’t run schemes that offer high commissions).
For a refreshing alternative for your renewal in 2020, contact us.