Competition keeps pressure on UK solicitors’ PI rates
Another competitive renewal for UK solicitors' professional indemnity (PI) has seen rates continue their trajectory of mild softening.
The price dynamic has been driven by ample capacity in the sector, especially with carriers looking to position themselves for market share in anticipation of new entrants next year, as the unpopular assigned risk pool (ARP) is removed.
The ARP is a mutual pool of risks that are unable to find insurance in the market, and has been a source of consternation...
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