Life of PII: Feature Professional indemnity insurance

UK law firms—particularly large firms with high fee income—have seen reductions of up to 5%-10% in their primary layer rates due to new entrants to the professional indemnity insurance market and a growing appetite from existing insurers. Litigation funding is also adding to insurers’ concerns, with Marc Rowson of Lockton saying settlements used to be brought at an earlier stage, but parties are now “armed with a war chest”, meaning they can take claims further.

More from The Law Gazette.