UK solicitors have been urged to adopt a proactive stance towards risk management by Allianz in response to increasing professional indemnity exposures.
In a speech to over 250 UK solicitors and delegates at the inaugural ‘Allianz Solicitors’ Conference’ held at the British Museum in London on June 3rd, Mark Carver, Head of Allianz Global Corporate & Specialty’s Financial Lines team, pointed out the need for solicitors to establish an active risk management strategy for their businesses.
Carver explained that “Prevention is better than cure. Professional indemnity risks are increasing across many sectors and particularly so for the legal profession. These exposures can be protected by insurance but this should not be regarded in isolation, but as part of a comprehensive strategy which addresses risk proactively. As professional indemnity insurers, what we are looking for from our clients are long-term relationships based a culture of risk awareness and management, combined with open dialogue and transparency.”
The conference was organised by Allianz Global Corporate & Specialty to mark the company’s entrance into the £226m UK Solicitors’ Indemnity insurance market. The conference was also supported by presenters from CMS Cameron McKenna, Mills & Reeve, Kennedys and Mayer Brown International. Topics ranged from ‘Recession and Risk’ to ‘Regulatory Risk for Law Firms’. Over 250 solicitors and brokers from across the country attended the day and had the opportunity to meet the team of dedicated Professional Indemnity underwriters and claims handlers.
