Advice is something everyone needs occasionally and certainly, many of us are aware of it during this time of Covid-19, whether it’s being guided on ways to protect heath, on travel matters, or on the regulations as they affect areas regionally and nationally. There may be differing views when it comes to managing the pandemic, but there’s no doubt that advice is everywhere.
What’s more, advice is at the heart of professional indemnity (PI) insurance. Currently, with so much uncertainty and businesses potentially facing more litigation as a recession looms, having the right and sufficient cover in place is more important than ever.
The PI market can be particularly sensitive to change, such as changes in legislation or a sudden influx in claims. It’s a sector where a high level of claims expertise is required and where insurers need to be able to respond quickly to events. So, what is the current state of the PI sector and what are some of the factors influencing capacity and premiums?