PracticeAccounting FirmsPremiums continue to increase

Premiums continue to increase

Accountants should brace themselves for further increases in personal indemnity insurance premiums, as rates continue to rise in the aftermath of September 11.

Link: Quarter of IFAs have no insurance

While accountants suffered a sharp increase in premiums last year, 2003 will see more of the same.

Jon Griffey, of Haverhill based accountants Hackett Griffey, has been quoted a premium more than six times the amount he was previously paying, despite having a clean claims history.

‘We’ve experienced a 28% increase in fees over previous years, so we were expecting a modest increase,’ he said. Griffey was so disgruntled with the quote he decided to change brokers.

Andrew Harding, executive director at ACCA, said that some accountants were feeling the pressure because they bought two-year policies and were experiencing two price rises in one. ‘We get occasional grumbles from members who see the prices rising,’ he said.

But he said most rates were still below what they were 15 years ago. The ICAEW has also recognised the problem, and provided advice to members in the latest issue of its newsletter. ‘The institute is aware firms are experiencing premium increases when renewing their professional indemnity insurance that seem unrelated to individual circumstances,? the institute said.

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

1d Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

2d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

1w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

3w Emma Smith, Managing Editor