Freelance Solicitors Professional Indemnity Insurance 2020 – The Market

At the end of 2019 the SRA amended its rules to allow a new trading style of “freelance solicitors” to operate. These amended rules coincided with a thematic review initiated by Lloyd’s of London, where a lot of the capacity for this insurance market came from.

The Lloyd’s review identified losses of approx. £347m with 2/3rds being from PI during 5 years to 2019.

With out of control losses, many Underwriter’s withdrew from the class resulting in a supply & demand issue.

With many Underwriter’s working remotely for the best part of 2020 this has meant few new players willing to throw their hat into the ring to underwrite an already loss making class of business.

As specialist Insurance Brokers, we can assist Solicitor Start Ups – be it Freelancers or Traditional Practices to overcome market issues, obtaining the best covers available.