SRA vs insurers as assigned risks pool governance proves sticking point

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  • I have been in private practice for over 30 years. 28 years as a partner in a small firm and 4 years on my own in semi-retirement. I have never been the subject of any disciplinary action or complaint. My previous firm had a miniscule number of claims and stayed loyal to its insurer. I have been insured through Zurich since being on my own. I have had no claims. My turnover is less than £100k; I have no overdraft but I do have assets. Last year Zurich increased my premium from £3.5k to £5.75k just because they felt like it. This year they say they will increase the premium to more than £20k. The excuse given is disingenuous to say the least. I was intending to fully retire after another year when I get to 65 but this hike in premiums means I cannot stay with Zurich, partly because of the run off consequences. In any event there is no justification for this huge figure for a premium which is about as close to extortion as you can get. I am a clear victim of discrimination as a sole practitioner and Zurich do not care a jot. I was hoping to run down my practice in a dignified manner but now I am running round like a headless chicken trying to find some fair alternative. Support from the Law Society; absolutely none apart from a nice person on the phone giving out names of other insurers to turn to. This is a shambles and it is morally wrong that a person cannot continue with his work for which he is properly qualified at the whim of insurers whose only interest is profit and/or internal policy. Shame on those who are responsible for this mess.

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