Insurer competition keeps solicitors' PI costs flat, say Marsh
Marsh said professional indemnity premiums will remain flat for larger firms but that small and medium sized solicitors face challenging conditions
Professional indemnity insurance premiums are likely to remain flat for large law firms due to competition in the marketplace, according to Marsh.
However, as the 1 October solicitors’ PI renewal date looms closer, Aon warns that small and medium firms face more challenging conditions.
Sandra Neilson-Moore, European practice leader for law firms’ PI at Marsh, explained: “We are still seeing substantial competition among insurers for large firms’ business, due to their low frequency of claims
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