PI Scheme Update 2023-24 Ireland

have not grown because of fundamental change in the risk profile of construction professionals. And without that change, we are not going to achieve the kind of PI market conditions that those with a long-term market interest wish to see. So, what are we doing about it? At Griffiths & Armour, we’re committed to achieving real change and to delivering a more sustainable PI market. As well as helping our clients navigate through the challenges of the last few years, we’ve continued to invest considerable time and resource into advocating on their behalf – working with industry bodies, Government and other stakeholders to improve the commercial, regulatory and legal environment our clients are operating in. We are about to launch a project which has seen us, in collaboration with many others, gather and distil opinions and ideas on some of the key problems in each area and more importantly to suggest ‘strawmen’ solutions to move this forward. Those efforts are beginning to gain traction but much more needs to be done to achieve the fair risk -v- reward balance that’s required to:

Underpin a sustainable consultancy sector; and Deliver a stable and competitive insurance market.

What is needed is a more resilient model that can serve the interests of all parties into the future.

The 2023 Scheme Renewal So, what does this mixed picture mean for the renewal of our construction scheme facilities? We are pleased to report: Our insurance panels are unchanged. AXIS and Arch will continue to lead off our blue-chip panels of quality insurance markets. This is welcome stability after recent upheavals but, importantly, that stability is allied to a recognition that the market is undergoing change. Consequently, clients can expect to see more flexibility returning to their individual insurance renewals and our insurance partners will look to support us in ensuring clients benefit from whatever flexibility is available, whilst maintaining the stability of our proposition for the long term.