For many years, premium rates for small accountancy firms have remained stable.The static market has been favourable for policyholders, with costs staying low and plenty of competition making arranging competitive cover relatively straightforward. Growth has continued, despite a lack of overall profitability for PII insurers.

Practitioners may have noticed, however, that the market has hardened in the last 18 months, with premiums rising on average between 5%-10% (but in some cases by as much as 300%). In more extreme cases insurers are declining to offer terms altogether.

To download the full article, click the button on the right hand side.