ABC Insurance aims to transform PI insurance market

ABC Insurance aims to transform PI insurance market | Insurance Business Australia

Professionals Risks

ABC Insurance aims to transform PI insurance market

Move to challenge decades-long monopoly, it states

Professionals Risks

By
Roxanne Libatique

ABC Insurance (ABC) is set to introduce professional indemnity (PI) insurance for solicitors and law firms in New South Wales (NSW).

The move, the company claims, will end the long-standing dominance of the Law Society of NSW’s Lawcover Insurance (Lawcover), which has historically been the primary provider for around 80% of NSW solicitors.

Starting in the 2024/25 insurance year, ABC – under the leadership of business entrepreneur David Sandig and a team of former Lawcover executives – will offer competitive PI insurance alternatives.

“We’re excited to enter the market and bring choice to solicitors,” Sandig said. “For too long, most of the profession has had no option when it comes to their mandated annual PI insurance requirements. That is about to change.”

Competitive PI insurance market

The introduction of ABC into the NSW market aims to provide solicitors with more choices and competitive pricing, backed by the global insurance giant Liberty Mutual through its APRA-authorised Liberty Specialty Markets.

“This is a massive win for solicitors in NSW as well as the community in general. The addition of a new player in the market should be welcomed by the profession’s regulator. The system that has been operating needs a disruptor to reduce pressure on pricing and to offer choice of cover,” said Paul Baker (pictured), managing director of Meridian Lawyers and the solicitor acting for ABC.