According to recent comments from the Solicitors’ Regulation Authority, indemnity insurance payments made by legal firms on their professional liability insurance policies have increased by 20 per cent for the 2011-2012 financial year.
One indemnity insurance broker reports that the number of solicitor firms placing their professional liability insurance business through them increased for this renewal season, which ended on October 1.
The indemnity insurance market has been lobbying for radical reforms to professional liability insurance for solicitor firms, claiming that the current methods are unnecessarily escalating the cost of cover for all solicitor firms.
One business insurance company recently reported its first half of 2011 results, finding a slight depreciation of their combined written ratio to 96.2 per cent.
One business liability insurance provider has recently announced it has teamed up with an underwriting specialist in order to provide indemnity insurance to law firms in need.
One underwriting business specialising in insurance and reinsurance has recently announced the establishment of a retail commercial insurance business division in the UK.
UK regulator the Financial Services Authority recently stated that despite the new Financial Ombudsman limit being raised from £100,000 to £150,000 , indemnity insurance premiums will not be likely to increase.
After one Court of Appeal ruling that issued a revocation of trustees’ ability to reverse poor tax decisions, IFAs may soon experience a hike in their indemnity insurance premiums.
The fate of professional liability insurance in general as well as the future of one of the country’s main providers of professional indemnity insurance is on the agenda for a special meeting of Ireland’s Law Society council.
Manufacturers have recently been urged to protect their businesses in these uncertain times by ensuring that they have proper levels of commercial insurance cover in the event of an unforeseen occurrence.