The following Practice Compliance guidance note Produced in partnership with Steve Holland of Lockton provides comprehensive and up to date legal information covering:
In contrast with previous years, the 2014 renewal was relatively benign. The majority of firms renewed their PII with their existing insurers and indeed 90% of Lockton clients remained with their current primary insurer.
A number of the established insurers were pushing rate increases, but this was tempered by competition, especially from new entrants. Premiums did increase for some, however this was a combination of rate rises linked to deteriorating claims and an increase in gross fees. For Lockton clients, overall this meant an increase on average of around 7%.
The new entrants, Endurance and Starr, were able to secure a foothold in the market with premium incomes of £6m and £1.5m respectively. Their appetite for property firms was limited. In common with many other participating insurers they wished to restrict their exposure to firms undertaking residential conveyancing. Insurers very often set a threshold for conveyancing work at no more than 25% of total gross fees.
This year we saw a move away from unrated insurers, as firms were able to successfully secure renewal elsewhere. The proportion of the market in the hands of the unrated insurers dropped by a third to 8% from 12%.
Aviva, having previously shed its SME portfolio o
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