We are happy to share our recent paper 'Professional indemnity insurance: Claims trends to be aware of in 2022 ' which has recently been published by The Law Management Section of the Law Society.
A consistent feature of professional indemnity insurance (PII) is the prevalence of claims where an emerging claims spike is directly associated with a particular type of legal work. High-profile examples include personal injury, farming, and mortgage and banking fraud. The typical lifecycle for claims trending events is straightforward; insurers experience a claims spike (the root cause is identified) and measures are designed to mitigate past and future losses. Mitigation implies that a set of risk management processes and procedures are agreed upon between the profession and its insurers, but in a hard PII market, some insurers might elect to decline firms performing certain work types completely......
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It’s not just market-defining events that constitute a claims trend. Insurers and, where relevant, their Third-Party Administrators (TPA) continuously monitor PII claims to identify generic losses that might require post-loss mitigation techniques to be deployed.
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