Aon has been confirmed as the most contacted broker, and the broker placing the most professional indemnity insurance (PII) policies, for law firms in the UK.
The Law Society’s Solicitors’ Professional Indemnity Insurance survey for 2017-2018, released in October, confirmed Aon’s position as the leading broker for PII policies for the seventh consecutive year.
The survey is undertaken every year to assess the PII market, identify trends and explore the experiences of solicitors seeking to find the right policies for their firms. Results of the research are also used by the Law Society to provide advice and support to solicitors purchasing PII.
The findings are also used to support the Society when lobbying the government and regulators on PII matters. As such, this survey is considered the most in-depth, reliable source of data on the PII market for solicitors in the UK.
This year’s results showed that the recommendation of brokers is the key driving force when it comes to choosing an insurer, with a third citing it as the main reason for their choice; however, premium cost came a close second.
In addition, the proportion of firms contacting just one broker is continuing to increase year on year (from 47% in 2013/14 to 74% in 2017/18).
Aon were contacted by the largest proportion of firms surveyed, at 18 per cent, and also placed the most policies in the market, at 14 per cent.
Satisfaction with brokers remains extremely high, with 94% of firms satisfied with the service they received.
We are proud to be the most contacted SPI broker, and the one placing the most policies in the market, for the seventh year running. We are very grateful to our clients for their loyalty and custom.
This is great news for our team, who have all been working hard to drive new business and renewals.
More than anything, I believe this is testament to the depth of experience we offer in this rapidly-changing marketplace and the quality of the service we provide to our clients, helping them mitigate risk, control their claims history and providing them with access to qualified lawyers to support them should a claim occur
Ryan Senior, Head of Legal Sector at Aon
For further information on the topics covered by this article, please contact Aon on 0333 4553 822 or visit https://insurance.aon.co.uk/solicitors
Whilst care has been taken in the production of this article and the information contained within it has been obtained from sources that Aon UK Limited believes to be reliable, Aon UK Limited does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of the article or any part of it and can accept no liability for any loss incurred in any way whatsoever by any person who may rely on it. In any case any recipient shall be entirely responsible for the use to which it puts this article.
This article has been compiled using information available to us up to 15/01/21.