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We do not envisage market conditions changing positively for some time. We anticipate that rates will continue to rise in October, although perhaps not quite as dramatically as in recent years.

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%.