Professional indemnity rates set to harden

rising-rates

Rates are set to harden in the professional indemnity (PI) market, according to Manchester Underwriting Management chief executive officer Charles Manchester.

He said the reason for the increasing rates was that many of the Lloyd’s syndicates that traditionally have been writing PI business are cutting back or completely pulling out of this area of the market.

“Lloyd’s mandated this summer that there are some classes of business that are on their list of business lines that are losing them

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