Professional perils

London market professional indemnity insurance rates fall

London market professional indemnity insurance rates have shown a notable decrease of between 5–10 per cent in recent months, accompanied by a noticeable increase in underwriter appetite, according to WTW. The broker said this trend is expected to extend into at least Q3 of 2024, reflecting a significant market correction in the professional indemnity insurance sector. It added that this is largely a correction of the “drastic” rate increases many firms in the space experience from 2019–2022.