With some new providers, as far flung as Iceland, entering the mix Solicitors spent a whopping £255.7 million on Professional Indemnity Insurance this year. This compares with a spend of £213.5 last year – an increase of £42.2 million, lots of cash in anyones book. XL Insurance seem to be sitting pretty with over 18% of the market share. I am sure XL’s Christmas Party will be a good one whilst I fear a number of solicitors will be digging out the budget crackers and paperhats in an effort to save for next years premiums?They better make sure they win a few of their no win no fee cases.

Alistair