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.

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