Solicitors Season in Review: SME Law Firms

The October 2023 solicitors Professional Indemnity Insurance (PII) renewal season saw an early start and increased competition, benefiting legal practices with more favourable outcomes. Economic uncertainty still influenced insurers' decisions, limiting property work for some firms. Despite a more active PII market, not all received lower premiums, with severity of claims rising. Continuity with insurers remained crucial, as 94.9% of renewing firms stayed with their providers. Risk assessments, additional information requirements, and financial stability were key factors shaping insurers' decisions.

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