October 20, 2010 by Canadian Underwriter
Demand for professional indemnity (PI) coverage by the legal profession surged nearly 400% over 2009 leading up to Oct. 1 renewals, reports Aon.
By August 2010, Aon reported receiving nearly four times the number of proposals than the same time last year. Aon suggested a fear of lack of availability spurred the early spike in demand.
The trend continued throughout the renewal season, continued Aon, with demand increasing nearly 200% by Sept. 1, when compared with demand for PI coverage in the same period of 2009.
“Risk management is now high on the agenda for many firms that previously may have taken a last-minute approach for their PI coverm,” said Andrew Gough, executive director of Aon Risk Solution’s national professions team.
“We worked… to make sure firms knew that getting proposal forms in early can have a positive effect on getting coverage and the premium offered.”