Zurich grows fastest in September renewals
Zurich Professional has increased its solicitors' professional indemnity (PI) premium income by more than 40% during this year's September primary layer renewals.
Zurich's estimated solicitors' PI premium income for the 2003-04 renewal period increased to £67.3m. This compared to £48m in 2002-03.
St Paul's estimated premium income increased to £47.7m, compared to £46.7m in 2002-03.
QBE's estimated premium income increased by 17% to £43.9m, compared to £38m in 2002-03.
Norwich Union's estimated premium increased to £21.7m, compared to CGU's income of £18m in 2002-03.
The total market for compulsory solicitors' PI is valued at £266m following this year's renewals.
Last year, the total market for solicitors' PI was valued at £225m. The increase of just under 20% was partly attributable, according to the Law Society, to the 13-month renewal period following the decision to move 2004 renewals from1 September to1 October.
Zurich Professional head David Coughlan said: "The increase included money from the extra premium that solicitors had to pay this year.
"We will make sure we work with firms and their risk managers to insure their premiums are kept low."
AIG increased its estimated premium income to £15.4m during this year's renewals, compared to £11.1m in 2002-03.
New entrant WR Berkley gained an impressive market share in its first renewal season, with estimated premium income of £11.5m.
Professional, 40% of solicitors have been unable to renew their compulsory liability insurance. This percentage comes from research that Zurich
Professional carried out on solicitors in England and Wales in July 2003. The figure of 40% applies to solicitors who when surveyed, had not received their renewal quotation or simply don't know if they've been sent it.