Professional Indemnity Insurance Committee

By Sonia McEntee, Chair
shoppingmode
  • Annual Report
  • Professional Indemnity Insurance

Sonia McEntee, Chair Sonia McEntee, Chair

The Professional Indemnity Insurance (PII) Committee plays a central role in the Law Society’s statutory regulatory function by supporting a stable, well-regulated, and effective PII framework for solicitors, while ensuring that public protection remains at its core. Its remit includes all matters relating to the regulation of solicitors’ PII, including monitoring the implementation of the PII regulations and associated documentation, supporting the maintenance of a stable PII market, providing guidance to the profession, and responding to PII queries as they arise.

The committee reviews, drafts, and publishes updated PII regulations, associated documentation, and guidance each year, ensuring that the regulatory framework remains current, clear, and responsive to market conditions. It also maintains regular and constructive dialogue with insurers participating in the Irish solicitors’ PII market, as well as with the Special Purpose Fund manager, who manages the Assigned Risks Pool and the Run-off Fund.

The committee continues to provide accessible information and documentation to both the public and the profession through the PII website. It contains current and historic information and documentation on PII matters, including news items, regulations, minimum terms and conditions, the common proposal form, participating insurers’ agreements, Special Purpose Fund documentation, lists of insurers and brokers, and guidance notes.

Information on firms’ current insurance details also continues to be available through the Law Society’s online firm insurance ‘PII Search’ facility. This provides a practical and accessible resource for confirming firms’ PII status.

The 2024/2025 indemnity period demonstrated the continued stability and competitiveness of the Irish solicitors’ PII market, with a further significant reduction in premium levels. The premium pool reduced by over 30% in the last three years, with reductions of 8.4% in 2023, 16.1% in 2024, and 10% in 2025. Average premium levels are now at their lowest point since 2019, representing a significant positive outcome for the profession.

Quote

"There has been a 30% reduction in premiums over the last three years, to their lowest point since 2019."

This substantial reduction has been achieved while maintaining the level of protection afforded to both solicitors and the public. It reflects the committee’s sustained engagement with insurers, its detailed understanding of market conditions, targeted clarifying amendments to the minimum terms and conditions, and the successful promotion of greater competition through the entry of new A-rated insurers and insurance facilities.

Firms have reported that lower premiums were generally available where they sought alternative quotations. Smaller firms, in particular, benefited from increased insurer appetite and more competitive options. Most new insurers entering the market over the past three years have focused on smaller firms, increasing choice, and contributing to sustained downward pressure on premium levels.

There were 14 insurers and three insurance facilities active in the market for the 2024/2025 indemnity period, including one new insurer. The stability of the market is further evidenced by the absence of firms in the Assigned Risks Pool for 2025 and by the fact that no significant increase was observed in the number of firms closing or entering the Run-off Fund.

Taken together, these developments indicate that the Irish solicitors’ PII market is increasingly attractive to insurers as a well-functioning, low-risk market, while continuing to deliver meaningful savings and robust protection for the profession and the public.

I wish to thank my fellow committee members for their continuing support and valuable inputs to the work of the committee.

Right column

Annual Report contents