THIS year’s round of Professional Indemnity Insurance (PII) renewals promises to be one of the most turbulent ever, but it could spur much-needed changes to the way the system is run. All law firms in England and Wales have to renew their PII by 1 October, but last week insurer Zurich, which insured 13 per cent of law firms in England and Wales in 2009/10, said it will reduce its participation in the market. This follows Catlin and Hiscox pulling out of it altogether. In March, Quinn, the insurer of about 3,000 of England and Wales’ 11,000 law firms, went into administration.

City AM

Wed 28 July 2010