The Professional Indemnity market remains incredibly challenging with numerous markets still seeking to reduce exposure and increase rates.

Over the past couple of years, we have seen a number of insurers withdraw from the PI market and additional providers looking to reduce the capacity they are offering into the market. Certain industries and business activities have moved further outside of appetite due to the exposure associated with their placements - putting further pressure on those that are prepared to offer terms.

Whilst we appear to be through the worst of the pandemic with improvements being made in service delivery across the industry, workloads remain high and therefore we continue to experience extended turnaround timeframes in the business we place.

Help us to present your submission in the best light 

  • Talk to us early so we can help you understand what to expect from the market and manage your client’s expectations 
  • Ensure all the information requested on the renewal invitation is provided within the requested timeframe including:
    • a fully completed renewal proposal and any supplementary forms where applicable
    • full and confirmed claims experience for prior insurers with breakdown in costs between claims settlements and legal costs
    • supporting information such as specimen contract terms and a full report and accounts may also benefit the client. Now more than ever it is important for us to present the renewal submissions in extremely fine detail and in a timely manner.   
  • Insurers are increasingly requesting more information or reverting back with further queries surrounding a firm’s operational procedures, their contracts and the associated checks and supervision protocols. This is to ensure there is suitable internal risk management to limit the potential of any claims.

We are here to add value whether by knowledge of markets, expertise in professional lines, product, pricing or all of the aforementioned.

Should you have any questions or queries regarding any of the information above or regarding future renewal submissions, please contact a member of the PI team and we will be happy to help.