Solicitors’ Professional Indemnity Survey 2007

By Steve Holland, executive director, Lockton Professions

The total premium for the 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 for premium increases 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. The total pot in the last year of SIF was £250mn. So, post renewal, what is the situation now?