Griffiths & Armour Europe DAC PII

It is because of the commitment shown over the last 70 or so years, by both our clients and our key insurance partners, that we have successfully secured ongoing support for our facilities at a time when all insurers are looking to severely restrict the cover they will offer, the areas of work they will underwrite and the volume of business that they will consider taking on. That is of course if they are still involved in underwriting PI insurance in the first place. Many are not. Before looking in detail at the renewal of our facilities, and particularly for those who have missed some of our other publications over the last year or so warning of trouble ahead, it is perhaps timely to go back to the beginning of this insurance phase and explain:

Why this renewal has been so challenging; and What local factors are currently impacting on insurers’ appetite.

����������������������e As you will be aware from previous communications, the PI market is currently suffering from a severe shortage of capacity; indeed, many industry commentators have talked of a looming ‘capacity crisis’. At a very basic level, there simply isn’t enough capacity within the insurance market to deal with the level of demand; whether that is the number of firms seeking PI insurance or the amount of cover they are looking to hold.

In late 2019, we produced a paper ‘The Supermarket Revisited’. The introduction was –

‘ �� � �� �� �������?

��� ������������������������� ������������s ����������� ���� ����������. ����������������������������� ������������� ���������������������������������������d ��������������� ��������� ��������� ����� ������������������� �����������������������e ����������� ������� ����������������������e ���� ������� ������ ���������������������������������g ��������������� �������� ������������������d �����������������������������������������l