London PI market expects continued rate hikes

A survey by U.K.-based law firm Clyde & Co. LLP found that 88% of insurance executives polled expect professional indemnity rate hikes to continue over the next 12 months, Reinsurance News reported. Meanwhile, more than 60% of respondents expect that inflationary pressures and broader economic trends would have an impact on the volume of PI business underwritten in the London market.