New Entrants In The Professional Indemnity Insurance Market: Helping Members?

By Richard Gledhill

As many firms will by now have completed their 2017 renewal exercise, it is clear the pattern has pretty much followed the last couple of years with a further softening of the market, driven in part by many of the long-established players looking to maintain their own book of Insured practices and by the arrival of new entrants to the market.

This has perhaps made the whole renewal exercise a little easier for many, with the added benefit of continuity of Insurer, which whilst not directly measurable, will in most cases lead to a healthier working relationship with the Insurer.

On the flipside of this, it would seem that one of the more recent entrants to the Solicitors’ PII market, Qatar Insurance Company (QIC), may not be offering renewal terms at all this year. Firms insured with them are being offered a replacement Insurer, International Insurance Company (IGI), who have written none Solicitors PI Insurance in the UK since 2014, having originally established in Jordan in the early 2000s. If indeed this does turn out to be the case then such firms are faced with having to switch PI Insurer.

So for those firms yet to renew and who may be looking for alternative options, a healthy competition does exist, even for those firms practicing in Personal Injury or Conveyancing where things have been a little harder at various points in the not too distant past, but where again both new entrants and the long-established markets are showing a keen interest.

MFL Professional are able to access appropriate solutions for members of Manchester Law Society whilst also offering an in-house claims team, from a legal background, to guide members through the occasionally challenging times should the worst case arise.

So, whether your firm is simply seeking a review, an alternative PII quotation, or even Cyber, Crime or Management Liability insurance, please do not hesitate to contact us in order to discuss your requirements further.

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