Aon now arranging PI cover for more than 40% of sole practitioners
The number of solicitors professional indemnity (PI) renewal proposals received by Aon at the beginning of August rose almost 400% compared to last year, the broker said today.
Aon, which now arranges the PI insurance for more than 40% of sole practitioners, found that this trend continued throughout the renewal season, with nearly 200% more proposal forms received by 1 September than at the same time in 2009.
Andrew Gough, executive director of Aon Risk Solutions’ national professions team, said: "In the lead up to the PI renewal date, lawyers were concerned about the state of the insurance market. Risk management is now high on the agenda for many firms that previously may have taken a last-minute approach to their PI cover. If firms are worried about next year’s renewal, they should start working with their broker now to implement a robust risk management plan. We know firms who engage in managing their risk do have a better claims record."