Strong competition between insurers kept the professional indemnity insurance (PII) market soft this year, with cover rates slashed by as much as 10% for some firms, according to broker Marsh.


One day after the annual 1 October renewal deadline, Marsh said the majority of firms benefited from competition-driven reductions in premiums, with top 100 law firms seeing rates cut by 10% and more for primary cover layers. Competition was 'even keener' for smaller firms.



Sandra Neilson-Moore, Marsh's European practice leader for law firms' professional indemnity, said despite intense market activity most firms opted to stick with existing insurers. 'Incumbent insurers, in most cases, "did enough" to keep the clients they wanted,' she said.



Anita Rice