Zurich disappointed by SRA changes
Zurich has raised concerns that the changes unveiled by the Solicitors Regulation Authority (SRA) will not address challenges in the market particularly for small firms renewing professional indemnity (PI) insurance.
The changes announced included reducing the amount of time a firm could stay in Assigned Risk Pool (ARP) from 12 to six months as of October 2011 and the whole pool being replaced in October 2013 with a system where insurers offer a three-month extended policy period to firms who could not obtain PI cover.
The insurer pointed out that in 2010 the SRA undertook a review of the arrangements for solicitors' PI in response to the increasing concerns at the spiralling losses that were being
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