Why PI Premiums are Softening in 2025
Published: Monday, 14 July 2025
And Why Now is the Time to Get Quotes for your Professional Indemnity Insurance
In 2024, we at Ntegrity reported signs that the professional indemnity (PI) insurance market was beginning to soften after a prolonged hard market. Fast-forward to mid-2025, and that assessment still holds strong, in fact, the trend has only continued, bringing much needed relief to many professional firms.
What’s Behind the Softening?
The softening of PI premiums is largely driven by two key factors: increased insurer appetite and greater competition. More insurers are re-entering the PI space or expanding their capacity, especially in sectors where risks are now viewed as more manageable. This is pushing rates down or at least holding them steady, reversing the steep hikes seen in recent years. While insurer confidence is a big part of the picture, another major factor is the competitive pressure to retain existing clients. In a softer market, insurers are more inclined to negotiate, match quotes, or offer added value in order to avoid losing business. This is particularly true in mid-2025, where pricing flexibility is playing a direct role in retention strategies.
Why It Won’t Last Forever
As much as this is a welcome change, the reality is that the insurance market is cyclical. With premiums under pressure and more providers vying for the same business, margins become tighter. Over time, this can lead to unsustainable pricing, especially if claims volumes or severity increase again. This means the current market conditions — while favourable — may not last. The window of opportunity to benefit from these lower premiums could close if underwriting results deteriorate or if insurers reassess their risk appetite.
Why It Matters Now
Insurance markets move in cycles. Right now, the PI market remains soft — but as insurers compete more aggressively, those margins eventually become unsustainable. In time, this could lead to a return to higher premiums or more restrictive underwriting. That’s why now is a good time to test the market. Even if you’re not due to renew yet, it’s worth seeing what kind of terms are available while the environment remains competitive.
What You Should Do Now
If you haven’t reviewed your PI cover recently, now is the time. Even if your renewal isn’t imminent, getting quotes now could help you lock in better terms or prepare for more favourable pricing ahead. At Ntegrity, we continue to track these market shifts closely. Our advice: don’t assume your current premium is the best you can get. In a competitive market, it pays to shop around — and we can help you do just that. Enjoy the benefits of the softening market while they last.
Why Work With a Specialist?
Accountancy firms face unique regulatory and operational pressures — and as the minimum cover requirements evolve, it pays to work with a broker who understands your world. At Ntegrity, we don’t just source competitive premiums. We secure tailored PI policies that meet the specific needs of regulated firms and offer meaningful protection, including:
Fidelity Losses
Court attendance compensation
Irrecoverable fees where claims are threatened
Regulatory defence costs
We also ensure cover remains aligned with evolving ICAEW and ACCA requirements, helping you stay compliant and confident. With the market in your favour, now is a great time to explore your options. The right cover might be more accessible than you think
