Thank you to the 80 practices, representing turnover of £50m, that responded to our Professional Indemnity Insurance survey. This high response rate has provided really robust data that will help define the problem and assist in our efforts to address it.
You can view the full results here.
- The PI insurance premiums paid by the 80 practices combined has increased by close to £1m over the last year. This represents a 61% increase.
- The practice average for PI insurance premiums as a percentage of turnover has increased from 2.6% to 3.5%. However for practices with a turnover of £1m or more the practice average has increased from 3.4% to 6.2%.
- PI insurance premiums as a percentage of turnover range from 0.5% to 20%.
- Exclusions for fire safety, cladding and basements have become commonplace.
RSUA is continuing to engage with the other architects’ professional bodies across the UK and Ireland to address this issue in conjunction with the Governments, the Architects Registration Board, and the insurance industry. An update on progress will be provided at the next General Meeting.