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2024 was a positive year from an Insurance buyers perspective, we witnessed a further dilution in respect of Insurers rate, and this accelerated as the year progressed.

The marketplace for professional indemnity insurance continues to experience two milestone dates in the calendar year, 1 April and 1 October. We estimate over 90% of law firms renew in this period.

As we head into the forthcoming renewal, the waters seem far calmer and, for some (not all), there may be a return to competition amongst insurers to secure their custom.

We do not envisage market conditions changing positively for some time. We anticipate that rates will continue to rise in October, although perhaps not quite as dramatically as in recent years.

Since abolition of the common renewal date, practices have been free to choose when to renew their professional indemnity insurance. We estimate that around 30-40% now renew between March and April.