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“As a result, we now have a situation where firms that are already insured are struggling to change insurer, and the best an adviser business can often do is hope that its existing insurer will renew" - Beaufort Group's Simon Goldthorpe.
A “fragmented and barely functioning” professional indemnity (PI) insurance market is “the biggest threat to adviser businesses” in 2020, Beaufort Group chairman Simon Goldthorpe has said.
Goldthorpe said there was a "clear fallout" from the move by insurers to step back from the PI market: "The PI insurance market has seen a huge contraction in the number of insurers operating within it....
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