Light on the horizon for brokers squeezed by rising professional indemnity costs
Brokers have faced rising professional indemnity costs amid a perfect storm of factors driving rate increases. But now the market is beginning to settle, although some firms will still face significant headwinds
Over the space of just five years, insurance broker Ketan Patel has seen his professional costs rise four-fold.
PI costs are one of the reasons why the owner of Surrey-based Artemis Insurance Brokers is questioning his commitment to independent broking.
Patel says: “I’ve said to myself several times, ‘is it worth it?’ I speak to a lot of brokers because of the relationships I’ve had, and we are all in the same boat. One had to go on unrated paper just to continue trading, a couple of years ago
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