Professional Indemnity rates 'set to harden' - PI Insurance

26/08/2009

Written by Neil Pointon

The cost of Professional Indemnity (PI) Insurance could be set to rise in the coming months, reports the Insurance Times.

According to the publication, a number of insurers are looking to increase their premiums for PI in response to the current economic turbulence.

Graeme Trudgill, technical services manager at the British Insurance Brokers Association, tells the Insurance Times that one factor at work is the higher number of fraudulent claims insurers have faced since the recession began.

Tighter conditions have also been applied by some insurers to legitimate claims in recent months, he adds.

However, Mr Trudgill suggests that premiums for PI insurance have been below what might be expected for a considerable period.

"The insurers behind them are saying they do need to move them," he claims.

For professionals, holding a recognised qualification could be a useful way to demonstrate competence.

Mr Trudgill previously advised the Insurance Times that the Financial Services Authority looks favourably on qualifications such as those available from the Chartered Insurance Institute when assessing the competence of regulated individuals.

Click here for more information about Professional Indemnity for other professions.

Click here for more information about Professional Indemnity in general.

PYV are one of the UK's leading providers of professional indemnity insurance. This news article has been produced by Adfero in collaboration with PYV and its unauthorised use is not permitted.

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