Following Lockton's own Solicitors' PII Report, published a few months ago, Pelican, a new entrant to the Solicitors Professional Indemnity market last year, has published its own analysis of solicitors claims. Their findings are very much inline with our own statistics.
Number of litigated claims reduce, but quantum of claims increases
Litigated claims have reduced since the increase in Court fees over a year ago. Insurers also report a decrease in the incidence of claims but report that the severity of claims has worsened. A positive trend, however, is that parties appear willing to resolve matters using the Pre-Action Protocols in order to avoid issuing proceedings.
The usual suspects: property, litigation timebar, wills and probate
We continue to see the traditional types of claims involving property, missed limitation and Wills and probate.
There are a number of new types of claims materialising however, including cyber claims, under settlement of personal injury claims and an increase in regulatory investigations.
Cyber claims & fraud significant emerging issues
Recent market reports suggest that there have been over of 150 'raids' on client accounts, related to cyber crime against solicitor practices in England & Wales, worth an estimated £85 million.
You can download Pelican's full report, below.
Pelican - a good fit for your firm's PII?
Pelican is an A-rated insurer with specialist experience in underwriting Solicitors PII. Lockton is one of only two brokers able to access this market.
Pelican are particularly interested in underwriting firms who work in particular specialist areas of the law, for example; oaths, agency advocacy, arbitration, family, criminal, debt collection, employment, immigration or planning, or a combination of specialist disciplines, and who have:
- their offices and income base inside the UK;
- partners with five years or more post-qualification experience;
- a good disciplinary record;
- robust management and supervisory practices and procedure in place;
- no on-going regulatory investigations.