Premiums are falling. Market capacity is increasing. Underwriters are competing for your business.
The London PII market offers clear advantages to law firms, especially those taking a proactive approach. The opportunity is not just about lower costs. It is about better control, greater flexibility and future-proofed cover that reflects how your firm operates today.
This article explores how a well-structured placement, informed by specialist insight and market-tested strategy, can turn shifting market conditions to your advantage.
A market shift that demands a rethink
Between 2018 and 2022, the PII market experienced a hard market cycle, marked by rate increases and capacity contraction. Lloyd’s Decile 10 review led to aggressive remediation, particularly in International PI, forcing up premiums and driving tighter underwriting controls.
That cycle has now turned. Insurers have returned to the market with ambitious growth targets, often exceeding 10% in Gross Written Premium, and new entrants are actively competing for law firm risks. Premiums have dropped significantly, in many cases back to pre-2019 levels, and underwriting appetite has widened.
The current opportunity and the risk of standing still
For firms prepared to re-engage with their placement strategy, this should serve as a renewed and tangible window to:
Secure more competitive pricing
Recalibrate programme structures
Build insurer relationships that support long term stability
Increase flexibility to match firm growth and client demands
However, doing so requires more than renewing ‘as is’. Without a broker actively engaging the full market, testing programme design and challenging assumptions, much of this opportunity can be lost.
Willis, a WTW business’s approach: Strategic reassessment at every level
We approach every insurance programme strategically and on its own merits, that should evolve with your firm’s growth, the market environment and shifting insurer appetite. For primary layers, our focus is on:
Reviewing premium levels for alignment with current benchmarks
Assessing whether your insurer panel remains suitable and sustainable
Advising on structuring above Solicitors Regulation Authority (SRA) mandated limits
No two firms are the same. We tailor every placement using data led insights and ongoing market testing to ensure your cover fits your risk profile and landscape. We supplement this approach with our knowledge, experience and market relationships in order to deliver a bespoke solution.
In many cases, firms also require cover well above the SRA mandated minimums. That is where a more flexible excess layer strategy becomes essential.
Long Term Agreements and Commitment to Renew clauses, offering pricing stability for up to two years
Extended policy periods, including 18-month options at prorated rates
Tailored wordings, that include bespoke enhancements
These terms are increasingly accessible, but a prudent broker must actively negotiate and match to the specific risk priorities of the firm in question.
Meeting insurers where they are now
Underwriting focus continues to evolve. Insurers are taking a closer interest in:
AI governance, including controls, review procedures and client disclosure
Operational risk management, onboarding, conflicts, supervision and audit trails
Culture and ESG, workforce wellbeing and sustainability practices
Firms that demonstrate maturity in these areas are likely to be viewed more favourably by the market and access better terms as a result.
Why Willis?
We bring structure, insight and flexibility to every PII placement. Our strategy is built around:
Full market access, including open market and exclusive ProXS options
Strong insurer relationships with a clear understanding of appetite and risk tolerance
The agility to evolve programmes as your firm grows or your needs change
This is not about quick fixes. It is about delivering performance, stability and long-term value from your insurance programme.
Not yet a Willis client?
We offer a no obligation Premium Efficiency Health Check, a straightforward way to assess whether your current programme is fit for purpose or if better options exist. Let us start a conversation.
