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Law firm insurers see rise in claims over US$50m
The malpractice insurance sector for law firms may have seen a post-recession dip in the volume of claims but the number of large claims, over US$50m, is still rising.
The number of large claims in the malpractice insurance sector is increasing. Feng Yu
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The fourth annual survey of lawyers professional indemnity insurers from broker Ames & Gough found that four of the eights insurers surveyed had paid or were paying a claim of US$100m or larger. Two of the others had a claim of between US$50m and US$100m. The eight insurers account for 80 per cent of the AM Law top 100 practices. Eileen Garczynski of Ames & Gough said: ‘The complexity and longer development pattern of the post-recession claims, together with soaring defence costs, led law firms to experience a significant uptick in malpractice claim severity in 2013.’ The report, 'Lawyers’ Professional Liability Claims Trends: 2014', is available from the broker. Source: Claims Journal
