RICS consultation to tackle dysfunctional PI insurance market

The quantity and cost of handling alleged negligence claims is having a significant impact on the cost of PII, not just for firms who have received claims but for the market as a whole. These structural problems could reduce client protection, limit competition within the market and lead to market failure.

RICS has commissioned a working group of valuation experts, including Sir Bryan Carsberg, and key members of the insurance industry. Robert Peto, RICS spokesperson, commented: “We are interested in hearing from RICS members, or those who have experience and understanding of the issue, in relation to the recommendations.”

For more information on PII go to www.rics.org/pii