Stress And Supervision Post-pandemic – Risks For Insurers To Factor In?

Understanding why mistakes are made by the legal profession is often something done with hindsight. Law firms will ask themselves 'what lessons have we learnt?' and insurers will be interested to hear about prevention steps that have been implemented. However, from an insurers' perspective this is too late as the damage has been done. So, what is critical is the risk assessment made at the point of policy inception, based upon the lie of the land at that time.

The Proposal Form is the key document for achieving that aim, as well as assessing the claims history of the firm (often over a 10 year period). Given the importance of the Proposal Form, it is no surprise that year on year insurers will tweak what is asked to reflect issues they are experiencing, regulatory changes, and possible future trends of concern. As we emerge from an 18 month lockdown where many lawyers will have spent close to 100% of their time at home, it is a good time to reflect on what