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The impact of cybercrime and fee growth on PII premiums

By Chris Marston, Chief Executive, LawNet

22 October 2015

Another renewal season for professional indemnity insurance (PII) is over. Despite the removal of the single renewal date, most law firms in the UK have just concluded this exercise. This year has been generally accepted as a relatively benign environment for renewal, although there have been a couple of key underlying currents in underwriters' minds.

First, firms whose growth over the past year or so has been built on residential conveyancing can expect to have seen this reflected in their renewal premiums. If the work represents a higher proportion of the overall fees, then insurers will usually judge the risk to be greater.

Second, cybercrime and social engineering fraud have become much more prevalent over the past year. My contacts in banking tell me that there has been an exponential rise in these cases.

Sometimes this has involved firms allowin...

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