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Anon @16:27
This comment (in response to the SRA's 2014 Consultation seeking a similar outcome) from Zurich Professional & Financial Lines Underwriting Centre is quoted in the Law Society's response to this current SRA consultation and makes the point eloquently. "It is entirely unrealistic to expect there to be any significant premium reduction if a firm were to lower its limit of indemnity. By way of example, when the compulsory limit of cover doubled from £1m to £2m (and £1.5m to £3m for incorporated practices) on 1 October 2005, total market premium for the 2005/6 ineminity year increased by just 0.45%".

Anyone who understands how insurance works will appreciate that the risks to insurers lie in the lower levels and that informs premium-setting.

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