By John Jones, Divisional Managing Director, Champion Professional Risks

The solicitors’ professional indemnity insurance (PII) market has always been cyclical, but recent renewal seasons have underlined just how important early planning, clear risk presentation, and specialist broker support have become.

While capacity has improved in parts of the market and pricing has stabilised for well-managed firms, insurers remain highly selective. The firms achieving the best outcomes are those that understand how underwriters are assessing risk and are proactive in how they present their story.

A more competitive market – But not an easier one

There is no doubt that the solicitors’ PII market is more competitive than it was two or three years ago. New capacity has emerged, existing insurers are showing a greater appetite for well-run practices, and we are seeing improved terms for firms with strong claims histories.
However, this does not mean insurers have relaxed their underwriting discipline. Quite the opposite. Underwriters are scrutinising proposal forms in greater detail, paying closer attention to practice areas, fee income trends, governance structures, and crucially how firms manage risk day to day.
A “tick-box” approach to renewal is no longer sufficient.

The importance of telling the right story

One consistent message from insurers is that how a firm presents itself can be just as important as the underlying risk profile.

Well-prepared submissions clearly articulate:

• The firm’s areas of specialism and where it chooses not to operate
• Controls around high-risk work types such as conveyancing, commercial property, and lender panels
• How claims (if any) have been addressed and what has changed since
• Investment in compliance, training, and supervision

From a broker’s perspective, our role is to translate this into a compelling, accurate narrative that resonates with underwriters rather than simply forwarding a completed proposal form.

Claims history: Context matters

Claims continue to be a key driver of underwriting decisions, but insurers are increasingly willing to look beyond headline numbers.

Firms that can demonstrate learning from past issues, improvements to procedures, or changes in personnel often fare far better than those that attempt to downplay or gloss over problems. Transparency builds credibility, and credibility drives insurer confidence.

Renewal strategy starts earlier than you think

One of the biggest mistakes we still see is firms engaging with the renewal process too late.

Early engagement allows:

• Time to position the firm correctly
• Access to a wider panel of insurers
• Strategic discussions around structure, excess, and coverage enhancements
• Opportunities to mitigate premium increases before terms are fixed

In a market where insurer appetite can change quickly, timing remains critical.

The value of a specialist broker

Solicitors’ PII is a niche class of insurance with its own regulatory, claims, and market complexities. Working with a broker who understands this landscape, and has direct relationships with specialist underwriters, can make a measurable difference to both cost and cover.

At a time when insurers are selective and risk-focused, expert guidance is no longer a luxury; it is a necessity.

Looking ahead

The outlook for the solicitors’ PII market is cautiously positive, but firms should not assume this will automatically translate into better terms. Those that invest in risk management, engage early, and work closely with specialist advisers will be best placed to navigate future renewals successfully.
As ever, preparation, transparency, and expertise remain the foundations of a successful outcome.

Speak to a specialist

Navigating the solicitors’ professional indemnity market has rarely required more expertise or forward planning than it does today.

If your firm would benefit from an early renewal discussion, a second opinion on your current arrangements, or guidance on how best to present your risk to insurers, our specialist professional indemnity team would be happy to help.

We work closely with solicitors of all sizes to secure appropriate cover, negotiate competitive terms, and support firms through an increasingly selective insurance market.

Start the conversation early it can make a material difference to your outcome.

Contact our specialist team today:

📅 Schedule Appointment (Teams)
📞 03330 430 430 (option 2)
📧 Profin@ChampionInsure.co.uk