H1 2024
Welcome to our H1 2024 market update for professional indemnity insurance within the legal sector for England and Wales. Take a moment to read more about our experiences with rates and how the first half of this year compares to 2023, plus hear more on our recommendations to those looking to capitalise on reductions.
Arranging pre-renewal meetings for our clients with their incumbent primary layer insurers provides underwriters with a better understanding of the client’s business and brings their proposal form to life. Our methodology demonstrates clients that benefitted the most in rate reductions were those that met with their incumbent and alternative insurers. We believe that regular communication is essential in order to maximise any potential premium savings. Providing underwriters with a renewal submission which proactively addresses topical issues can display an excellent understanding of a law firm’s approach to a risk averse attitude.
Based upon our recent experience, our ‘top tips’ for law firms wanting to prepare for their forthcoming renewal would be to focus on the following areas:
We previously discussed how a law firm’s business continuity plan should hold operational resilience at its core. We have seen that emotional resilience is also a pivotal feature in managing risk. The morale, mental health and integrity of all staff and decision makers has a crucial role to play. Firms with a strong risk mitigating culture which champions a positive workplace will help with retaining staff and valuable clients, at the same time attracting new talent and new business. Staff attrition levels continues to be an area of focus for underwriters, with most insurers now asking whether law firms have a dedicated ESG policy in place.
“We are continually challenging the status quo on behalf of our clients and ensuring their PII is placed with the most appropriate insurer, striking the perfect balance between competitive premium and retained risk. Our approach means we are able to benchmark and achieve premium savings where possible and provide a level of comfort to our customers that their broker is a true strategic partner.”
Babbar Abbas | Senior Associate - PI FINEX Legal Services
Given the mandatory nature of Professional Indemnity Insurance (PII) for legal services firms, understanding how to secure optimal coverage is essential. Our dedicated team can guide your firm in choosing suitable PII coverage and offer robust risk management support.
We have seen that emotional resilience is also a pivotal feature in managing risk.