Solicitors’ Professional Indemnity Survey from Lockton

Lockton has produced its annual Solicitors’ Professional Indemnity Survey 2007 which looks at the situation in the market post-renewal. The total premium for the UK solicitors’ professional indemnity (PI) market has been decreasing since 2003. During the run up to this year’s renewal season, qualifying insurers talked on the one hand about the need to avoid “suicide” pricing and potential destabilisation of the market and, on the other, of their predictions that the overall premium pot would fall below £200mn this year, said Lockton. The total pot in the last year of SIF was £250mn.