Professional indemnity insurance for lawyers and accountants

In the latest Insurance Post Podcast, Stephens shared there has been a restructuring of policy towers thanks to more competition in the market, with longer stretches written at lower rates.

Seaman observed there are creative ways that insurers are managing risks today, allowing them to put out capacity for businesses operating in high value transactions.

“We’ve seen insurers looking at building portfolios,” Seaman said. “I mention the £2m to £3m limit. To suffer a potential loss there and still be able to operate in this market I think you have to build a healthy portfolio and have a certain premium collect, just in case those losses arise.

“We are seeing more sophistication around new entrants. They are working with the profession to be there for the long-term.”

The challenges insurers face in differentiating themselves from their rivals, the onus on the broker community to offer solid service, and the need to look beyond just PI to cyber is discussed.

Harvey said showing an understanding of evolving risks in the legal and accountancy space is essential in 2025 and beyond when it comes to winning business, especially how these companies are using artificial intelligence plus protect their balance sheets from deep fakes and ransomware attacks.

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