St Paul's top share

St Paul's top share

St Paul International Insurance - the Law Society's joint venture partner offering indemnity insurance to the solicitors' profession - this week claimed once again to have taken the largest share of the first 1 million market.The company said it had obtained between 20% and 30% of the total premium paid by the profession this year - more than any other insurer.

Last year, it won around 25% of the market.

According to St Paul, the total premium for the profession stood at 162 million this year, a rise of 6% on last year.Solicitors' gross fees are estimated to have risen by 10% over the same period, leading St Paul to claim that 'in real terms, insurers' rates have been reduced'.Meanwhile, speculation among brokers indicates that Zurich Professional, has leapfrogged QBE insurance into second place among insurers after taking 4 million-plus more premium cover than last year.

QBE won around 15% of the market last year, with Zurich just behind.But insurance sources were united in their belief that solicitors have had a lucky escape this year - with the end date for securing cover coming just ten days before the Word Trade Centre disaster .St Paul is believed to have losses of $700 million following the terrorist attacks - a source said the company was able to absorb this.QBE suffered from market nerves last week, and actually stopped trading in its shares on one day.Next year, it is thought, the profession will face bigger increases. Jeremy Fleming