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Risky delusions: Why UK law firms' PII premiums are rising

Many UK law firms will be paying higher professional liability premiums because of complacency over risk management, reports Manju Manglani

25 June 2015

A large number of UK law firms are being complacent about risk management and this will be reflected in their professional indemnity insurance (PII) premiums at the next renewal, a snapshot Managing Partner survey has found.

Forty-three per cent of respondents said their firm has not done anything to improve its risk rating since the last renewal season. Consequently, nearly half (49 per cent) said they expect their premiums to rise at the next renewal, while two fifths said they expect there to be no change.

A similar amount (39 per cent) said their premiums had increased at the previous renewal, while 41 per cent said there had been no change. One fifth said their premiums had decreased. Only a tenth of respondents said they expect their firm's PII premiums to decrease at the next renewal.

Confidence levels for the next renewal season are high: 55 per cent said they are very confident, while a further 41 per cent said they are som...

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