At a time when it seems that everyone is predicting doom and gloom of lawyers' professional liability market, here is another point of view of Sandra Neilson-Moore, a practice leader at Marsh PII.
As shown in thelawyer.com, Neilson-Moore points out in 2009/10 and 2010/11 rounds of renewal premiums for most businesses remained constant. In fact, there is sufficient competition in the market for a significant number of companies to reduce their premium costs.
Competition? Have we not said that the lack of competition is one of the problems? Again, according to Neilson-Moore, effects of insurers have withdrawn from the market Solicitors primary "PIO since 2008 (amounting to no more than 2% of total activity) were more than offset by new entrants.
Recognition is given to the fact that some of the smaller companies - sometimes with copies of records and for no other reason than the fact that they specialize in "uninteresting" areas such as disposal - have had considerable difficulty in obtaining coverage reasonable prices. But the general presented the outlook is positive with, yes, competition among insurers to increase.
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