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PI barometer is set fair to give Bamford a boost

Sofa chairman and Informed Choice director Nick Bamford has seen his professional indemnity insurance premium plummet by over 60 per cent after years of astronomical rises.

In recent years, Bamford has been a barometer of the PI experiences of IFAs, seeing his premiums multiply 14-fold, peaking at 38,750 last February, a huge increase from 2,750 three years previously.

This year’s premium has now dropped by 60 per cent to 15,250, following a major softening in the PI market in the last 12 months.

The excess on the policy has fallen from 15,000 to 10,000 which makes the cover even more cost effective for the eight RI firm.

Bamford thinks the news is a positive message but he believes IFAs should still shop around.

He says: “You would not believe the smile on my face right now. Looking at the very bold numbers, it is good news but it would be interesting to see how other IFAs are faring. There are signs that the market is easing but I think you should still shop around for a provider.”

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