Professional indemnity insurance premiums rose at above inflationary rates in 2004 but are climbing at a substantially slower rate than previous years, according the Office of Fair Trading.
A report published this morning entitled Liability insurance market shows improvement follows up on the OFT’s study of the liability insurance sector last year, which includes PI cover, after IFAs and other sectors struggled in 2002 to find affordable PII. Analysis of the liability insurance market, which also covers employer’s liability and public liability, previously found PI rates had risen by an average 30-60% for independent financial advisers, but this year rose by an average 4% - still above inflation (consumer price index is currently 1.9%) but substantially lower than previous ...
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