ACCOUNTANTS PI INSURANCE RENEWALS - TAKE ADVANTAGE!

ACCOUNTANTS PI INSURANCE RENEWAL SEASON - The importance of Proposal Forms!

Currently, The PII renewal season for accountants has seen a cyclical shift towards a much more competitive and flexible market.

Key trends include:

• Increased Market Capacity: The market has seen almost 40 participating Insurers for the 2025/26 indemnity year, the highest number ever recorded. This has led to heightened competition among insurers and a more buoyant market environment.

• Flexibility in Underwriting: Insurers have become flexible in their underwriting parameters, especially in high-risk areas of practice. This has allowed for a more inclusive approach to new clients engaged in higher-risk activities.

• Rate Reductions: Many firms have experienced rate reductions, particularly those with improved risk profiles following previous claims. However, this does not always translate to a lower premium, as gross fees remain a key pricing factor.

• Longer-Term Policies: The trend towards longer-term policies has persisted, with most insurers offering standard policy periods of 18 months.

These trends indicate a positive outlook for Accountants in the PI renewal season, with a focus on increased competition, flexibility, and potential rate reductions. However, firms should remain cautious and ensure that any offer of cover adequately reflects their past, present and known future work.

Comparison websites are great for Home and Motor Insurance, but bespoke explanations regarding past claims histories and notifications take time and experienced Broker understanding. Some Underwriters have declined policies purely based on the HMRC Spotlight register; however reconsideration is sometimes achievable following negotiation.

To take maximum advantage of the current market conditions, we are asking all of our valued clients to complete a new (screen-fillable) proposal form as this is required by all markets and ensures that you get the best rate for your vital business protection.

Whilst competition is healthy, working with us in a speedy manner gets you the best service and premiums.

A recent example showed a substantial 25% saving due to alternate Insurers competing with the holding insurer. This example highlights the need for early market presentation which can only be achieved by responding to requests for Proposal Form completion well in advance of your renewal date.

WORK WITH US SO WE CAN WORK FOR YOU!