Howden: Solicitors PII Market Report – January 2024
Let's bring you up to date with what's happening in the Professional Indemnity Insurance (PII) market and other issues relevant to the legal profession.
In recent years law firms have weathered challenging premium increases. As a broker, Howden continued to work on new capacity to join the solicitors’ PII market. We firmly believed that this would be an important part of moving us on through the hard market cycle.
In August 2023 we were delighted to introduce the first meaningful new capacity to the solicitors’ PII market for some years, and this is exclusive to Howden clients. We talk about this in further detail in the report.
We know that 2024 will be a tough year for many firms as the impact of the broader economic environment continues to bite. At least there is more stability in the PII market than we have seen for some time. We want to reassure firms that we are here to assist in any way we can.
What are we are forecasting for solicitors’ PII in 2024? What issues do underwriters currently have on their radar?
Our latest market report discusses these issues and more. We provide our analysis of the October 2023 PII renewal and offer some guidance on calculating your gross fee income for PII purposes.
If your firm is considering the purchase of a will bank, there are some wise words of caution. And if you have ever wondered what the cover position would be if the bank holding your client account went bust, we suggest you read on…….although let’s all hope that never happens!
Howden's Solicitors' Market Report January 2024
We provide our forecast for solicitors’ PII in 2024, consider the issues currently on your PII underwriter's radar, offer our analysis of the October 2023 PII renewal and give guidance on calculating your gross fee income for PII purposes.
If your firm is considering the purchase of a will bank, there are some words of caution and we outline what your cover position would be if the bank holding your client account went bust.