Quinn impact: solicitors' professional indemnity problems affecting all firms
Professional indemnity (PI) premiums for small firms are set to soar by up to 30% following Quinn Insurance's withdrawal from the market.
Sandra Neilson-Moore, Marsh's European practice leader for law firms' PI, said that for the first time ever what was happening in the smaller end of the solicitors' PI market was affecting the larger firms.
She said a number of factors including Quinn's withdrawal from the market, an overall reduction in capacity and growth of the Assigned Risks Pool (ARP) were to blame.
Ms Neilson-Moore pointed out that there had been a 163% increase in the number of lawsuits against solicitors, with 210 claims
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