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An influx of capital into the insurance market and competition between insurers and brokers has driven down the cost of many forms of insurance. That’s great news for insureds but the sustainability of pricing must be considered against a backdrop of depressed insurer margins with Lloyd’s first quarter results showing a 17% drop in profit, economic uncertainty and huge catastrophic losses from the 2017 hurricane season – Irma is expected to cost insurers in excess of $65bn. Collectively these factors could result in a hardening of some insurance rates.
There is currently little evidence of PI insurance being affected. However, amidst speculation that the ground rent scandal will lead to an influx of PI claims and with law firms trying to drum up business on the back of allegations about mis-sold interest only mortgages, businesses should ensure their insurance and risk management programmes are robust. We hope this issue of Pi magazine helps your firm achieve that.
As always we cover a range of topics in this edition from managing the risk associated with advising on and facilitating equity release through to practical guidance on preparing for the General Data Protection Regulation.
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This article was submitted to be published by Howden UK Group Limited as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
