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Since abolition of the common renewal date, practices have been free to choose when to renew their professional indemnity insurance. We estimate that around 30-40% now renew between March and April.

The market for professional indemnity insurance is likely to continue to worsen but future premium rises should not be at the average of 17% seen this autumn, a leading broker has predicted.

Our clients that renewed during this period recorded an average fee increase of 7.5%. The partner size segment that experienced the largest growth in percentage terms was 11-25 partners, at 11.3%.