Report this comment to a moderator

Smaller firms bear brunt as insurers raise professional indemnity rates

i agree. pi insurance has gone up to 10% of the total turnover in my firm. there is not enough competition between insurers. for small practices there are only 2 or 3 insurers. there does not seem to a positive correlation between risk profile and insurance quotes. the sra is happy to regulate firms but cannot regulate the insurers properly. a job half done by the regulator. insurers are profiteering where they can. my rates have gone up 250%. run off insurance will be extremely expensive if i want to close down. the lack of action from the sra shows how they are happy to see small firms go under.

14-Sep-2009

11:23 pm