Looking back at the October insurance renewal season

Miller reflects on trends in professional indemnity insurance – market appetite, rates and claims – based on experiences from the October renewal season.

In recent years, the legal profession has experienced tough market conditions with surging premiums, a lack of appetite from existing insurers to take on new clients, and an absence of new insurance provider alternatives.

This punishing combination has left many firms with few options. Green shoots are definitely sprouting though, with the recently concluded Professional Indemnity Insurance (PII) 1 October renewal season showing definite signs of more positive conditions. 

This report details the trends we’ve witnessed across market appetite, rates and claims; a closer look at the real and growing risks around cyber-attacks; and tips for firms renewing in April 2023.