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22 May, 2020
The 2020/21 PII renewal round, comments from CLC Director of Regulatory Standards, Simon Blandy.
All CLC Practices must renew their PII policies by 30 June 2020.
Overview of the current Insurance Market
Insurers in the commercial insurance sector have reported losses since 2017 (see review). They are rethinking their strategy, with many cutting capacity or even withdrawing entirely from certain lines of business or from some countries. Recent price rises have been most pronounced in the UK and Australia/New Zealand with the highest price increases in financial and professional liability. The commercial insurance sector is unlikely to start moving to profitability until the second half of 2021.
A commentary on the SRA sector reports many practices paying more for their insurance in October 2019 and this trend continuing into the spring 2020 renewal season, though a minority have seen premiums stay the same or even cut.
Similar pressures will impact on PII renewal for CLC practices. Whilst they are aware of the pressures on your businesses after a period of enforced lockdown, all insurers have warned that pre-existing conditions in the insurance market means that practices should expect an increase in premiums which may exceed 15%.
What you need to do
So this year, more than any other, you must make sure that you renew your PII policy in good time before 30 June:
a. some brokers are able to secure terms from more than one insurer
b. asking different brokers for terms from the same insurer is unlikely to result in a lower premium
8. respond promptly when you receive renewal terms:
a. if they are agreed, accept them
b. otherwise, raise your query
9. be realistic.
PII renewal must be a priority.
You are most likely to obtain the best terms from you current PI insurer.