Blog: Insurance in the lockdown
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Manchester Underwriting Management's Richard Webb on how the coronavirus situation could play havoc with the PI market.
I am sure there are some brokers longing for the calmer days of the professional indemnity (PI) soft market, which began coming to an end in 2018. Since mid-2018, the PI market has hardened, more so for construction professions and less so for accountants and insurance brokers although rate rises had begun to gain some momentum in Q1 of 2020.
But Covid-19 has added a big twist. The market was already hardening for a reason, premiums have been far too low and unprofitable. The damage caused by
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