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A number of law firms now renew their professional indemnity insurance on 1 April. It also provides an indicator as to what to expect for firms renewing six months later.

The spring renewal season saw law firms pay a lot more for their PII, with the surge in conveyancing work a concern and contentious probate an increasing problem.

To say SRA regulated legal practices have experienced tough conditions within the PII market in 2020 may well be perceived as an understatement by some within the profession.

I reported last year that the October PII market was a challenging environment and many practices paid more for their cover. This trend of increased premiums continued into this spring.

Since the abolition of the Solicitors Indemnity Fund, the October professional indemnity insurance renewal season has always been a challenge, but this year most law firms saw their premiums go up.