Thank you all 59 practices who responded to the RSUA Professional Indemnity Insurance Survey earlier this year. This high response rate has provided really robust data that will help define the problem and assist in our efforts to address it.
The results are now available to view here.
The total combined Professional Indemnity Insurance (PII) premium paid by the 59 responding practices was £1.78m, up 32% on the previous year.
PII costs as a percentage of turnover increased from 4.1% to 5.5%.
The relative cost of PII was higher for practices with a higher turnover. This correlated with a higher level of cover – mostly £10m for the larger practices.
New exclusions were widely reported.
RSUA continues to work closely with ARB, RIBA and the other professional bodies in Northern Ireland to help understand and address the challenges posed by PII issues.